Bitcoin traded above $42,600 on Tuesday as the overall crypto sector turned green again, with the gains taking the total market cap back to the $2 trillion mark.
The gains in Bitcoin happen amid comments by the Federal Reserve Chair Jerome Powell, on Monday, in which he hinted at faster rate hikes due to the rising inflation.
Ethereum traded above $3,000, with the rise connected to the improved sentiment and deployment of Kiln, the final testnet prior to the merging of the network with a staking network.
Ethereum’s long-awaited merge with Beacon chain is expected to transition the protocol to a more energy-efficient proof-of-stake consensus mechanism. Combined with the burn mechanism on EIP-1559, Will Hamilton of Trovio Capital says, it will act as a catalyst for price upsides of Ethereum in the second half of this year.
Cardano’s ADA was another top gainer, adding about 7% in 24 hours, while Polkadot’s DOT rose by more than 6%. Ripple’s XRP and Solana’s SOL saw about 5% gains.
BTCUSD is up +3.90%, ETHUSD is up +4.16%
