The end-of-month cryptocurrency surge is being led by the Ethereum blockchain, which has risen above $1,700 and gained 11.64 percent over the past day. As of the time of this writing, the market value of cryptocurrencies has risen back beyond $1 trillion thanks to the rally in Ether, which also prompted rallies in Bitcoin and other Altcoins.
The rise in the token’s value follows the announcement by the US Federal Reserve, chaired by Jerome Powell, of a new 75-basis point interest rate hike in an effort to rein in the country’s rapidly rising inflation rate. Additionally, the United States entered a recession after reporting two consecutive months of declining GDP. These facts, which ordinarily elicit gloomy sentiments, had the opposite effect, indicating that the market has already factored in the ramifications of this news..
The rise in price can be traced back to the Ethereum developers’ announcement of the day the Ethereum test network “Goerli” would undergo a beacon chain merging is what initially sparked the price increase in ether.
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