By market value, Bitcoin (BTC), the most valuable cryptocurrency, increased by over 9% to a two-week high of $21,254. The rise of the daily percentage would be the highest in 6 months if it continues.
The second-largest cryptocurrency, Ethereum (ETH), increased by over 5% to $1,746, constituting a high of 3 weeks. On September 7, Bitcoin (BTC) dropped at around $18,540.
Participants claimed that there was not a specific catalyst for the gains other than a general attitude of optimism on September 9 that was evident across asset classes, headed by a decline in the US dollar and bolstered by upward movements in international stocks.
The GlobalBlock market analyst Marcus Sotiriou linked the increase of Bitcoin (BTC) to the hope that the US will announce a bigger decrease in inflation in the week to come. A decrease like this is often anticipated to promote investments like cryptocurrencies, which perform well when markets are bullish.
Bitcoin might have its greatest week in roughly a month if cryptocurrencies can maintain their increases through to the closing on September 11.
The upcoming merge software update, or Ethereum 2.0, which is anticipated to occur between September 10 – 20, may increase the volatility of Ethereum (ETH) over the weekend.
The move is expected to drastically alter the way in which transactions are handled while also reducing energy use. When the upgrade is taking place, several exchanges intend to stop withdrawals and deposits.