Bitcoin rally continued Monday morning with the digital asset rising above $22,000.
The largest cryptocurrency by market capitalization rose as much as $22,296.4 before losing some gains.
At the time of this report Bitcoin is trading at $22,181.8, a 2.65% rise.
However Ether along with Cardano were on the back foot and are trading on the negative territory, with less than 1% loss, Ether is losing 0.29% at $1,756.52 while Cardano is down 0.74% at $0.5103.
Ether, the native token for the Ethereum network, is particularly in focus ahead of the latter’s transition to a more energy-efficient blockchain, a process known as the Merge. The crypto community is on alert for any snafus that buffet the many financial applications that rely on the network.
“We continue to be long Ether into the Merge, using dips as buying opportunities,” Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, wrote in a note. He added that Ether didn’t succumb to a “sell-the-news” drop after three earlier Ethereum upgrades.
The US inflation data is expected on Tuesday, and a higher-than-expected inflation rate could harden expectations for restrictive monetary settings that are anathema for crypto prices.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
