Crypto Market Cap Rises 15% One Week After Ethereum’s The Merge Revealed

Despite being a volatile week, it was positive for cryptocurrencies Due to the growing confidence from the upcoming release of the exact date of the Ethereum Merge. Stimulating a broad rebound in crypto prices.

Evidence of a reversal of confidence can be foundThe Crypto Fear & Greed index, which has climbed back into the “fear” zone after a long “extreme fear” of falling prices in May and June.

What caused the increase This is the clarity of the timeline for the Ethereum Merge, which was announced on July 15th, following the release of the date, the price of Ether (ETH) rose 38.5 percent from $1,190 to a daily high of $1,650 on July 22 amid an overall green day in the market.

In addition to the price increase of Ether, the total market capitalization of all cryptocurrencies has increased 15% over the past week to its current value of $1.051 trillion.

More evidence that excitement abouttransition to proof-of-stakeEthereum’s (PoS) is what fueled the rise. This can be found by looking at the top earners over the past week. This includes several projects related to leading smart contract protocols.

A project benefiting from Ethereum-related developments is Lido DAO (LDO), a liquid staking platform that allows depositors to stake Ether in exchange for one-to-one ETH-bound stETH that can be used as collateral for cryptocurrencies. decentralized finance

The price of LDO has risen 80% from $0.885 to its current price of $1.59 after hitting $1.92 on July 20.

In addition to the momentum gained from its association with Ethereum Merge, LDO prices benefit from the addition of support for other protocols such as Solana (SOL) and Polkadot (DOT) as well as expansions to Layer 2 protocols.

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