Bitcoin (BTC) and Ethereum (ETH) made the best of this recovery and witnessed a surge in their respective prices.
Although both cryptos had a great rebound in July, ETH saw more signs of profit taking when compared to Bitcoin. The ratio between profit vs. loss transactions is very different for the two cryptos as ETH soared above its rival.
Ethereum’s highly-anticipated upgrade known as The Merge is also around the corner. Although there is no set a date for the event, developers hinted at a mid-September Merge.
Big Companies Are Turning To ETH
This created some serious excitement in investors, and ETH whales have prioritized accumulating the token as the Merge creeps closer. This is one of the factors that pushed the price of ETH over the $1,500 mark.
Many companies like, for example, Galaxy Digital are also turning their attention to ETH. The Galaxy Institutional Ethereum Fund bought $75.6 million worth of ETH, according to the Securities and Exchanges Commission (SEC). This purchase was made on behalf of 12 investors.
Despite all of this, derivatives traders are rather neutral on ETH. These traders might be hesitant, considering the massive sell-offs seen in 2022.
According to CoinMarketCap, ETH is trading hands at $1,588.96 after a 6.54% increase in price over the last 24 hours and after reaching a high of $1,595.76 over the same period.