Looks like Ether, the native token of the Ethereum blockchain is leading the end-of-month rally in the cryptocurrency space; as it rallied above $1,700, posting an 11.64% gain in the last 24 hours. The rally in Ether has sparked a rally in Bitcoin and other Altcoins; which has lifted the cryptocurrency market capitalization back above $1 trillion as of the time of this writing.
The rally in the token comes after the United States Federal Reserve, led by Chair Jerome Powell, announced a new 75-basis point interest rate hike in a bid to tame the ever-increasing inflation rate. This and coupled with the United States going into recession after posting two consecutive months of GDP declines.
These data, which would usually spark bearish sentiments, did the opposite; suggests that the effects of this news have already been price into the market.
The rally in Ether can be traced back to an announcement by the Ethereum developers, who announced the date of the Ethereum test network “Goerli” undergoing a beacon chain merger. The blog post stated, “For the last testnet proof-of-stake transition, Goerli will merge with Prater. The combined Goerli/Prater network will retain the Goerli name post-merge.