The market is doing all it can to stay resilient and leverage a unique internal fundamental born out of cryptocurrency to ignite its natural growth trend

The digital currency ecosystem is experiencing a bullish resurgence today, with most cryptocurrencies trading higher. Bitcoin gained 8.57% in the last 24 hours to reach $21,003.54. Ethereum changes hands at $1,704.14, up 4.05%, with the second-largest digital currency trading solidly above the $1,600 support level.

The growth is encompassing and revived a number of altcoins that have seen massive downtrends over the past month. Binance coin (BNB) is up 4.86% to $292.58, and Cardano (ADA) has fallen over 84% from its all-time high (ATH) of $3.10 and is also seeing a resurgence today. The coin is up 4.85% at $0.4956. Solana (SOL) is also up 7.42% at $35.36.

It’s unclear what’s pushing the market right now, but the growth trend mimics a similar move in the broader stock market. The market seems to have become accustomed to the impact of rising interest rates, with central banks around the world working tirelessly to control inflation.

The STOXX Europe 600 was up 1.49% at 420.28. The European stock market remained healthy despite the fact that the European Central Bank (ECB) raised interest rates by 75 basis points to curb runaway inflation.

The same trend was visible in the US stock market and this positive growth trend explains what trickled down to restore the health of the crypto market. With the resurgence that has been seen so far, the combined market capitalization of digital currencies is now up 5.63% to $1.03 trillion.

Triggering the Bullish Resurgence: The Ethereum Factor

Since the beginning of the year, the digital currency sector is still influenced by the confluence of macroeconomic factors stemming from the consequences of COVID-19, the war in Ukraine and the resulting inflation.

So far, the market is doing everything it can to stay resilient and tap into a unique internal fundamental born out of cryptocurrency to ignite its natural growth trend. This fundamental is currently derived from the Ethereum protocol with the upcoming merger of its Proof-of-Work (PoW) system into Proof-of-Stake (PoS).

So far, only the upgrade Paris which will activate the Merge event still needs to be activated. The Bellatrix upgrade went live on the Beacon channel earlier this week, reassuring investors that it is close to entering the new era of the Ethereum blockchain.

The sentiment surrounding the Ethereum protocol has made the native token an attractive option for retail and institutional investors. So far, a number of investment platforms, including Swiss digital bank SEBA Bank, have announced that they will be able to launch Ethereum staking services once the merger is complete.

The Ethereum craze has spilled over into the tokens associated with it, and other so-called digital currencies are on the rise today.

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The market is doing all it can to stay resilient and leverage a unique internal fundamental born out of cryptocurrency to ignite its natural growth trend


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