Santiment data aggregator's team has tweeted that the second largest crypto, Ethereum, has managed to regain some of the losses it has been suffering since early summer. The ETH price is back at June highs, breaking up above the $1,580 level.
ETH trading volume flourishes as price spikes
Per the tweet, the price of Ethereum has reached $1,589 for the first time since the middle of June, jumping nearly 19% over the past 24 hours.
Trading volume spiked on that news as traders decided to ride the rising price wave. Besides, users of social media platforms began discussing Ethereum again, bringing its social dominance to the highest level since the Merge took place in the middle of September.
📈 #Ethereum's price has jumped all the way up to $1,589 for the first time since June 15th. Trading volume has suddenly flourished with traders riding this price wave, and social platform discussions are at the highest level since post-#merge talks. https://t.co/dSRsEFqNUs pic.twitter.com/uf5GHYTmsY— Santiment (@santimentfeed) October 26, 2022
Bloomberg's chief strategist bullish on ETH
Chief commodity strategist of Bloomberg Mike McGlone believes that Ethereum is quite capable of outperforming Bitcoin and stocks.
The main reason for this, he believes, is the Merge, which was basically a transition to a proof-of-stake model from the energy-consuming proof-of-work amid the current energy crisis. The switch took place in the middle of September and was a much-expected upgrade on Ethereum.
Besides, the expert stated that ETH is the "epicenter of the digitalization of finance and money," and this can also contribute and even become the basis for "enduring price appreciation."
At the time of this writing, Ethereum is trading at $1,547, per CoinMarketCap.