- Ethereum has consolidated around $3,500 over the past 24 hours.
- ETH and ADA are benefiting from imminent upgrades to their respective networks.
In recent days, Bitcoin has seen a reasonable price increase, lifting several altcoins along with it. The Satoshi token has gained roughly 11% over the past two weeks and has largely held above $45,000. According to Coingecko data, the leading digital asset touched $44,347 on April 1, the lowest price it reached last week. Bitcoin was last seen trading at $46,160.
The recent upward trend is the culmination of gains building since mid-March. At the start of last month, Bitcoin dipped, falling from $41,770 on March 1 to $39,000 on March 6. It then began making steady progress, climbing toward the end of the month.
While Russia’s invasion of Ukraine contributed to Bitcoin’s recovery, the recently improved price level also reflects Wall Street developments. Last week, financial giant Goldman Sachs revealed plans to offer an investment vehicle for crypto assets, including Bitcoin and Ethereum, starting in the second quarter. The bank also recently became the first in the U.S. to execute an over-the-counter crypto trade.
Altcoins, including ETH and ADA, are also impressive
Ethereum has gained 6.4% over the past seven days, bringing its monthly gains to 33.5%. The leading altcoin has benefited from excitement around its upcoming merge with the Beacon chain. Over the past month, Ethereum developers successfully deployed the Kiln testnet, a key step toward the transition to proof-of-stake.
Since around April 2, Ethereum has consolidated just below $3,500, hovering above $3,450 at times. Ether is currently trading at $3,497 against the dollar.
Cardano’s ADA is another altcoin that has performed strongly, notable for a coin that has historically struggled to gain value. ADA has benefited from a rise in projects building on the Cardano network and anticipation of the Vasil hard fork scheduled for June.
In the past, ADA saw rallies following major releases—Shelley in July 2020, Mary in March 2021, and Alonzo in September last year. With most of its recent gains beginning in mid-March, Cardano has gained 39% over the past two weeks. Its ADA token rose above $1.00 on March 23 and is now trading at $1.22.