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Over the past month, the second largest digital currency Ethereum has shown a massive price increase of roughly 80 percent, according to data provided by Santiment data aggregator. Its analytical team says there are high chances that this growth may continue.
Earlier today, Ethereum recaptured the price mark of $2,000 last seen in June.
ETH hits $2,000 and “things can continue”
The news of Ethereum surging slightly above the $2,000 level earlier today was published by Chinese crypto blogger and journalist Colin Wu. He also mentioned that the amount of ETH that was liquidated following it totaled $125 million.
ETH broke through $2,000, with a 24-hour gain of 5%. In the past 4 hours, the liquidation amount of the entire network was 125 million US dollars.
— Wu Blockchain (@WuBlockchain) August 13, 2022
What preceded this growth is that according to the Santiment analytics team, over the past 30 days, the cryptocurrency spiked by over 80 percent, while other altcoins have been doing well since June too.
At the moment, the tweet says, there’s not much euphoria around Ethereum and other alts. This is a sign that this growth may continue, Santiment believes.
📊 #Ethereum’s +80% price increase has gained the most attention of any asset over the past 30 days, but #altcoins in general have been in a great place since late June. There isn’t major euphoria happening, either, which is a sign things can continue. https://t.co/B461oaaUtR pic.twitter.com/Lh1i7YqFxm
— Santiment (@santimentfeed) August 12, 2022
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Precise date for Ethereum’s Merge upgrade announced
In late June and throughout July, Ethereum managed to go as low as the $1,000 level, however, now that the more-or-less exact date for the Merge upgrade (the transition of Ethereum to the proof-of-stake consensus protocol completely) has been named, the price has continued to rise.
The event is expected to happen on September 15, as covered by U.Today earlier this week.