Ethereum (ETH) Enters $2000 Range as Merge Draws Nearer

Updated by Ryan James
In Brief
  • Ethereum traded above the $2,000 region for the first time in two months.
  • Other top performers in the last 24 hours include Solana and Polygon
  • Tornado Cash’s TORN has lost over 50% of its value in seven days.
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Ethereum broke above the $2,000 range for the first time in two months, continuing its bullish run following the success of the final testnet merge.

With its merge all but confirmed for September 15, investors have taken a more keen interest in the digital asset.

According to Coingecko data, Ethereum has risen by as much as 79% within the last 30 days and by over 15% within the last seven days.

Several market experts like BitMEX’s founder Arthur Hayes have predicted that the merge could help push the asset above $5,000.

There is also increased chatter of ETH flipping Bitcoin if the asset is able to trade as high as $3,750.

Meanwhile, the merge has scored major support from stakeholders in the Ethereum ecosystem, like Tether, Chainlink, and Circle, who have already said they will only support ETH2.

Crypto Market on the up

ETH is not the cryptocurrency that has seen its value rise in the past 24 hours. In fact, over 70% of tokens in the top 20 cryptocurrencies by market cap saw their value rise during the period.

Bitcoin strengthened its break above the $24,000 region with a 2% increase and is now up 20.8% in the last 30 days.

However, some of the biggest gainers in the last 24 hours are Solana and Polygon.

SOL rose 9.1% in the last 24 hours to trade at $47.38. This is remarkable given the struggles of the Solana network and the recent wallet breach that led to the loss of millions.

Furthermore, MATIC saw its value jump above $1 after an 8.4% rise in 24 hours. The token has been one of the best performers in the last 60 days, with a 135% increase.

The crypto market has been up by 0.5% in the last 24 hours.

Tornado Cash Sheds 50% in 7 Days

Tornado Cash’s token TORN has seen its value plummet by over 50% within the last seven days to $12.77.

Tornado Cash has been in the news this week after the US Treasury department added it to its sanctioned list.

The crypto mixer suffered further blows after its developer was arrested by the Dutch authorities.

Available data also showed that less than $6 million was deposited into the mixer since the sanction was imposed.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

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