Ethereum passes US$2,000 mark as crypto market rises

Ethereum gained over 10% in 24 hours to reach US$2,000 on Tuesday morning in Asia after spending the better part of a week below the mark. Ethereum was trading at US$1,985 at press time.

See related article: Bitcoin, Ethereum, crypto at 2022’s lowest point

Fast facts

• The world’s second-largest cryptocurrency hit a low of US$1,721 last Friday, after a seven-block reorganization was spotted on the proof-of-stake Beacon Chain.
• Bitcoin also had a strong start to the week by rising 7% to trade above US$31,000 for the first time since mid-May and was trading at US$31,574 at press time.
• Top 10 cryptocurrencies by market capitalization in CoinGecko’s rankings gained at least 5% in the past 24 hours as U.S. traders returned from the Memorial Day public holiday.

• Cardano led the gains with an almost 20% in the last 24 hours following the recent launch of the Iagon cross-chain bridge which allows Ethereum-based USDC and ERC-20 IAG tokens to run on Cardano.
• Cardano’s native currency ADA was trading at US$0.5716 at press time, its highest point in two weeks.
• The crypto market had over 30% wiped from its market cap in early May amid the collapse of leading algorithmic stablecoin project terraUSD (USTC).

See related article: Can Ethereum’s proof-of-stake transition save the planet?