After a series of gloomy days and trading sideways around $23,000, on the afternoon of August 8, Bitcoin has had incredible growth. BTC price increased 5% over the past 24 hours, crossing the $24,000 mark and trading at $24,200 at one point.
However, the most impressive cryptocurrency is Ethereum. ETH price has increased by 6% over the past 24 hours, surpassing the $1,800 mark. This leading altcoin was up more than from 7 days ago.
The momentum behind this rally comes from the upcoming release of The Merge. Although there are many controversies surrounding the split of ETH1 and ETH2, The Merge is attracting a great deal of attention.
Moreover, the uncertainty that Ethereum chain can be split after The Merge further excited some speculators. Many people have started holding ETH in the hope of getting airdrops from these hard forks, leading to an increase in the price of ETH.
According to data from Coinglass, in the last 24 hours, up to $161 million of crypto derivatives were liquidated. The coin that recorded the highest liquidation was ETH with $77 million, almost 2 times higher than BTC.
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