Bitcoin is beginning to rally following Ethereum’s surge on Monday.
The crypto market continues its momentum this week, now soaring up towards $23,000 – a price point it hasn’t seen in over a month. The sudden surge has liquidated over $600 million in trades.
As indicated by Coinglass.com, about $630 million has been liquidated from the crypto market within the last 24 hours.
More than half of that value – $377 million – was cleared from ETH trades, given Ethereum’s especially pronounced bounce from Monday.
“Some suspect that Ethereum is rallying due to excitement about Ethereum’s Merge update, which has now been given a specific date of arrival.”
Bitcoin now appears to be showing its own unique momentum. Trading at $22,460 at 15:20 UST, it quickly surged to $23,160 just 16 minutes later. At the time of writing, it trades at $22,853.