The cryptocurrency market experienced a small recovery phase as it crossed the $1.03 trillion market cap. Two of the leading cryptos, Bitcoin [BTC] and Ethereum [ETH] witnessed a surge in their respective price action over the last seven days.
But, it looks like the latter showed more focus and determination towards its recovery.
Ethereum‘s major and most-expected upgrade, Merge (also known as Ethereum 2.0) is scheduled for this summer by ETH developers. However, a fixed date hasn’t been set yet. Nonetheless, some of the ETH holders are rejoicing in their profits thanks to their decision of HODLing.
Both BTC and ETH have had a great rebound month in July. But, the largest altcoin saw far more signs of profit taking as compared to BTC’s neutral approach.
Source: Santiment
The ratio between transactions in profit vs. loss painted two very different pictures for the top market cap assets. Clearly, ETH’s metric rose above its arch-rival.
Indeed, the much-anticipated Merge created an overall optimism within the flagship network. For instance, ETH whales have been accumulating the token with the merge approaching closer.
Source: ITB
Furthermore, Ethereum developers have shared a target for a mid-September Merge, fueling ETH’s rise to $1500. In fact, the token traded at around the $1,508 mark, at press time.
In fact, many companies are extending support to the largest altcoin now. For example, Galaxy Digital. The Galaxy Institutional Ethereum Fund bought $75.6 million worth of ETH according to a filing with the Securities and Exchanges Commission.
The purchase was on behalf of 21 investors, each with a minimum of $100,000 invested.
Now, you might ask- Is the market getting overheated? Well, there could be a possibility as derivatives
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