In a substantial rebound from sub $19,000 levels ahead of 'The Merge,' the world’s two top digital currencies each gained about 11%.
Bitcoin (CRYPTO: BTC) spiked to around $22,200, while Ethereum (CRYPTO: ETH) is currently trading at around $1,745, according to data from CoinGecko. The overall crypto market capitalization is now more than $1.1 trillion.
Trading volumes for Bitcoin have increased by more than 20% despite the strained rally over the last day. The majority of the trades have taken place on prominent marketplaces like Binance, FTX Exchange, and Coinbase (NASDAQ:COIN).
After making a trough of $18,661 on Sept. 7, Bitcoin's weekly price surged to $22,200 levels. That's a rise of over 11%.
Over the previous week, Ethereum too had a bullish bounce, rising from about $1,562 to its current price of about $1,745. Its market cap decreased by about 0.4% over the last day.
Similar to Bitcoin, a majority of Ethereum's 11% gain since the last week happened on Sept. 7, when the digital asset increased from a little over $1,500.
Even with the current gains Bitcoin and Ethereum are still down by around 60% from their all-time highs, seen in November last year. At the time, Ethereum reached $4,891 while Bitcoin had made a high of $68,789.
According to Ethereum founder Vitalik Buterin, the Merge is anticipated for Sept. 13 to Sept. 15, concluding its shift from energy-guzzling Proof Of Work (PoW) to Proof of State (PoS) consensus.
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