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Bitcoin neared $24,000 on Wednesday, trading more than 8% in 24 hours, hitting its highest level in more than a month.
The largest currency rose as high as $24,047 during the day. The asset has lost some 66% of its value from lifetime highs of $69,000 in November. The second-largest cryptocurrency, ether was trading up 5% to $1,609.06.
The second-largest token is up more than 50% in the past seven days, fueled by optimism over a highly anticipated upgrade to its network known as the “Merge.” The Merge will see Ethereum switch from the energy-intensive proof-of-work (PoW) consensus mechanism brought to the fore by Bitcoin to a more efficient proof-of-stake (PoS) system.
Dogecoin’s DOGE rose 11%, leading gains among major cryptocurrencies in the past 24 hours. Outside of major cryptocurrencies, ApeCoin’s APE jumped 8% as buying momentum from last week’s metaverse game demo continued. Shiba Inu’s SHIB rose 10% despite the lack of a technical catalyst.
Despite the rally, the crypto market is still suffering. Both bitcoin and ether are down more than 50% this year. Bitcoin had its worst quarter in more than a decade in the second quarter.
Crypto companies have been selling off whatever assets they have to try to meet their liabilities which has put pressure on the broader market.
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