Ethereum price breaks US$1,600, Ethereum Classic surges 22%

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Ethereum (ETH) hit a high of US$1,610 on Tuesday morning in Asia, before retracing to trade at US$1,521 at press time, according to data from CoinMarketCap.

See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace

Fast facts

  • The world’s second-largest cryptocurrency by market capitalization was up over 26.6% since Saturday in its surge to “The Merge,” the blockchain’s highly anticipated move to proof of stake, tentatively set for Sept. 19.

  • Ethereum Classic (ETC) was the day’s biggest winner among the top 100 cryptocurrencies at Tuesday morning trading in Asia, gaining 22% over the past day.

  • Bitcoin was trading at US$22,071, up about 3.59% over the past 24 hours, according to CoinMarketCap data, extending a cryptocurrency rally that started on Sunday.

  • Major cryptocurrencies and traditional markets have been battling concerns of rising inflation, a possible recession, uncertainty caused by the war in Ukraine and a growing list of crypto firms lining up for bankruptcy.

See related article: Bitcoin, Ethereum rebound pulls back amid worries of BTC dump from Mt. Gox, Celsius