Crypto Market Cap Climbs 15% in a Week After Ethereum Merger Date Revealed

Rising sentiment and token prices suggest the upcoming Ethereum meltdown is helping to catalyze a broad recovery in crypto prices. Market Update

It has been a volatile but positive week for cryptocurrencies as traders ignored warnings from crypto winter veterans that there was more downside in store and re-entered the market at the first sign of price increase.

Evidence of the reversal in sentiment can be found in the Crypto Fear & Greed Index, which climbed into the fear zone after spending a record time in extreme fear territory due to the collapse prices in May and June.

Crypto fear and greed index. Source: Alternative

As to what triggered the extreme fear rally, a closer look at the timeline points to the announcement of the planned date for the Ethereum merger, which took place the 15th of July.

Data from Cointelegraph Markets Pro and TradingView shows that following the merger date disclosure, the price of Ether (ETH) soared 38.5% from $1,190 to a daily high of $1,650 on July 22 against the backdrop of a green day in the market.

ETH/USDT 1-day chart. Source: TradingView

Along with the rising price of Ether, the cryptocurrency's total market capitalization has increased by 15% over the past week to its current value of 1,051,000 billion dollars.

Ethereum-related projects get a boost

Further proof that the excitement around Ethereum