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For the first time in weeks and since its switch to a Proof-of-Stake (PoS) consensus, the world’s second-largest cryptocurrency rose above the $1500 mark. Following the fallout and the dip in ETH prices after the successful Ethereum merge upgrade in September, Ethereum has traded below $15000 until this week.
In the same way, on the 25th of October, the world’s leading crypto, Bitcoin, also hit $20,000, a price that has proved unreachable over the few weeks — since October 7. This raised the market up to 6% and the price of the entire crypto market cap back above $1 trillion, a mark it has not reached since September 4.
However, it wasn’t just the crypto giants — Bitcoin and Ethereum — that experienced a price boost.
Over the past week, many popular altcoins have also experienced a positive price rally. Some of these coins include dogecoin (DOGE), Solana (SOL), and Toncoin (TON).
While there is no specific reason for this sudden green trend, many crypto experts and analysts have pointed to several macroeconomic trends, such as the appointment of UK Prime Minister Rishi Sunak, a self-proclaimed cryptocurrency enthusiast.