Bitcoin Surges To US$ 21,557.50, Ether Continues To Gain, Quoted At US$ 1,704.54

Today, the cryptocurrency market is marginally up. On August 25, till 6.10 pm UTC, Bitcoin increased by 0.88%, and was quoted at US$ 21,557.50, in the intra day trading. Yesterday, Bitcoin closed at US$ 21,368.70. In the last 5 days, Bitcoin gained by 1.87%, and in the past 1 month, it has surged by around 1.15%. However, in the past 6 months, Bitcoin has dropped by 45.08%.

Showing a similar trend, other crypto coins also increased today. Ethereum was quoted at US$ 1,704.54, up by 2.92%. Yesterday, Ether closed at US$ 1,656.11. Litecoin was quoted at US$ 56.82, up by 0.73%, Dogecoin was quoted at US$ 0.0686 up by1.16%, and Cardano was quoted at US$ 0.4655 up by 1.76% today, till last traded.

Why Ethereum prices are gaining?

Ethereum developers have confirmed the long estimated Merge's dates on Wednesday. Commenting on the matter and stating the reason behind Ether's price rise, a CoinDesk report mentioned, "The Bellatrix upgrade will activate on the Beacon Chain on Sept. 6, as reported. The upgrade is responsible for setting the rest of the Merge process in motion, with developers hinting that they're aiming for it to happen on Sept. 15-16. Traders, however, said that while the Merge event was likely driving short-term price appreciation in ether, the long-term outlook for the asset remained muted considering a weak macroeconomic sentiment and bitcoin technicals pointing to a downside."