ETH Back Above $1,700, as Markets Rebound on Saturday – Market Updates Bitcoin News
The cryptocurrency market had a great Saturday as Ethereum (ETH) surged back above the $1,700 mark. The second-largest cryptocurrency by market cap has been trading in the $1,600 range for the past few days, but it surged over the $1,700 mark in the early hours of Saturday.
The surge in Ethereum’s price was accompanied by a surge in the overall cryptocurrency market. Bitcoin, the world’s largest cryptocurrency by market cap, also saw a significant jump, rising from $52,000 to $54,000 in the span of a few hours.
The surge in Ethereum’s price was likely due to a combination of factors. First, the Ethereum network has been seeing increased activity recently, with the number of daily transactions hitting an all-time high earlier this week. This increased activity is likely due to the growing popularity of decentralized finance (DeFi) applications built on the Ethereum network.
Second, Ethereum’s upcoming London hard fork is likely providing some support for the cryptocurrency’s price. The hard fork, which is scheduled for July 14th, will upgrade the Ethereum network to version 2.0 and introduce a number of new features, including sharding and zk-SNARKs.
Finally, the overall cryptocurrency market has been seeing increased institutional interest recently, which is likely providing some support for Ethereum’s price. Recently, the world’s largest asset manager, BlackRock, announced that it was exploring the possibility of investing in Bitcoin and other cryptocurrencies. This announcement has likely sparked increased interest in the cryptocurrency market from institutional investors, which is likely providing some support for Ethereum’s price.
Overall, Ethereum’s surge back above the $1,700 mark is a positive sign for the cryptocurrency market. The surge in Ethereum’s price is likely due to a combination of increased activity on the Ethereum network, the upcoming London hard fork, and increased institutional interest in the cryptocurrency market. If these trends continue, we could see Ethereum’s price continue to rise in the coming weeks.
