Bitcoin was changing hands at its highest point in over a week at US$23,845 on Friday morning, while Ethereum was listed at US$1,725 — its highest point since early June.
Solana was the biggest mover in CoinMarketCap’s top 10, gaining 8% in 24 hours to trade at US$42.91 early Friday morning — its highest price in just under a week.
These gains are a continuation of the jump both crypto and traditional markets made in response to the U.S. Federal Reserve raising interest rates to combat ongoing record inflation on Wednesday.
Ethereum co-founder Vitalik Buterin recently said “The Merge” is not yet priced in, both in market and psychological terms.
Speaking in an interview with Bankless at the Ethereum Community Conference last week, Buterin said “once the Merge happens, morale is going to go way up.”
The Merge refers to Ethereum’s gradual transition to Eth2 where it will shed its proof-of-work consensus mechanism for the more power-efficient proof-of-stake.