The global crypto market started today’s trade on a positive note, where Theta Fuel (TFUEL) was at one point the top gainer while the Ethereum coin was the most trending one.
At the time of writing this article, Theta Fuel (TFUEL) was trading 25.6% higher at $0.073384 per token. In the last 30 days, the token has gained 37.4%. The total crypto market volume over the last 24 hours is $65.21 billion, making a 1.36% increase. The total volume in Defi is currently $4.93 billion, 7.56% of the whole crypto market’s 24-hour volume.
Meanwhile, the other two cryptocurrencies, Bitcoin and Ethereum, were up 0.22% and 0.63% at $21,578 and $1,684.76 per token, respectively, in the morning trading session today. One simple reason Ethereum has gained a lot of traction is the Ethereum Merge which is anticipated to happen on September 10 and September 20.
When the Merger is completed, Ethereum will shift from a proof-of-work (PoW) model to a proof-of-stake (PoS) system, which will result in the creation of Ethereum 2.0, or ETH 2.0.
Why Crypto market is bullish?
Coming to what has led to today’s rise in the price of these cryptos, there are other factors too. Of these, the most important is the overall good performance of the global equities. In the overnight trading on Wall Street, the US indices fared relatively well, thus sending a positive signal in the market and boosting investors’ sentiments.
On Thursday (August 25), The Dow Jones Industrial Average settled 0.98% higher at 33,291.78 points, Nasdaq Composite closed 1.67% higher at 12,639.27 points, while the S&P 500 was up 1.41% at 4,199.12 points. Nonetheless, Investors also awaited comments from Fed chairman Jerome Powell in his address at Jackson Hole in Wyoming on Friday to get clues on whether there will be any relaxation in the interest rates.
Few Fed watchers also believe that the U.S. central bank will likely increase rates by a half point or three-quarters of a point in its next policy meeting to be held on September 21.
An interest rate hike is usually unfavorable for the crypto market as investors shift focus from risk-averse to risk-free assets.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.