And then, whoosh! it all happened at once. In under an hour, late on Wednesday night, the price of Ethereum, the second-largest cryptocurrency by market cap, rose from $245 to $269, an increase of 9.7%.<\/p>\n
Bitcoin, as well as Bitcoin Cash, TRON, and XRP, followed, although their 24 hour increases werent nearly as sharp. Bitcoin, which followed the same upward trajectory, rose from $9,377 to $9,516, an increase of 1.48%.<\/p>\n
The pumpso far without much of a dumpstarted at around 11 pm UK time. Then, the price started rising ever so slightly, from $245 to $247, a price unseen since July 13. The real pumpa crude, straight line pointing upward with barely any gradientoccurred at around 11.30 pm UK time. The price then plateaued.<\/p>\n
This is Ethereums highest price since February. Then in March, the pandemic swept through the US; when global markets took a beating, so did the entire crypto market. Ethereum crashed to the lowest point its been this year: $95.<\/p>\n
If the price keeps rising, this could be a big day for Bitcoin, too. Bitcoin has been struggling to push past the elusive $10,000 price pointits price before the pandemic hit. But for the past two months, Bitcoins been incredibly, frustratingly stable.<\/p>\n
In a recent report, Coin Metrics found that Bitcoins price had budged just 1% in the past month and that it hadnt been this stable since 2018.<\/p>\n
The CEO of crypto exchange Binance, Changpeng Zhao, even remarked in an interview with Bloomberg earlier this week that some had started to call Bitcoin a stablecoin, referring to those coins whose value is pegged to a fiat currency, like the US dollar.<\/p>\n
Meanwhile, Ethereum has been having a moment, thanks to the growing frenzy around DeFi, and yield farming in particular. The platform is celebrating its anniversary next week and the much-anticipated Ethereum 2.0 upgrade, which will improve the speed and capacity of the network, is on track to roll out by November.<\/p>\n
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See the article here:<\/p>\n
The big pump: ETH and BTC soar - Decrypt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" And then, whoosh! it all happened at once. In under an hour, late on Wednesday night, the price of Ethereum, the second-largest cryptocurrency by market cap, rose from $245 to $269, an increase of 9.7%. Bitcoin, as well as Bitcoin Cash, TRON, and XRP, followed, although their 24 hour increases werent nearly as sharp. Continue reading