The market is doing everything it can to remain resilient and leverage a unique internal fundamental born of crypto-currency to ignite its natural growth trend

The digital currency ecosystem is now experiencing a bullish resurgence, with most crypto-currencies trading higher. Bitcoin has gained 8.57 percent in the past 24 hours to $21,003.54. Ethereum is changing hands at $1,704.14, up 4.05%, with the second largest digital currency trading solidly above the $1,600 support level.

The growth is encompassing and has revived a number of altcoins that have registered massive downtrends over the past month. The Binance coin (BNB) is up 4.86% at $292.58, and Cardano (ADA) has fallen over 84% from its all-time high (ATH) of $3.10 and is also experiencing a resurgence today. The coin is up 4.85% at $0.4956. Solana (SOL) is also up 7.42% at $35.36.

It’s not clear what’s driving the market right now, but the uptrend is mimicking a similar move in the broader stock market. The market seems to have grown accustomed to the impact of rising interest rates as central banks around the world work tirelessly to keep inflation in check.

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The STOXX Europe 600 was up 1.49 percent at 420.28. The European stock market remained healthy despite the European Central Bank (ECB) raising interest rates by 75 basis points to curb runaway inflation.

The same trend was visible in the U.S. stock market and this positive growth trend explains what trickled down to restore the health of the crypto market. With the resurgence that has occurred so far, the capitalization of the combined digital currency market is now up 5.63% to $1.03 trillion.

Triggering the bullish resurgence: The Ethereum factor

Since the beginning of the year, the digital currency sector is still being influenced by the confluence of macroeconomic factors stemming from the aftermath of COVID-19, the war in Ukraine and the resulting inflation.

So far, the market is doing all it can to remain resilient and tap into a unique internal fundamental born of crypto-currency to ignite its natural growth trend. This fundamental is currently derived from the Ethereum protocol with the upcoming merger of its Proof-of-Work (PoW) system into Proof-of-Stake (PoS).

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So far, only the upgrade Paris which will activate the Merger event has yet to be activated. The Bellatrix upgrade went live on the Beacon channel earlier this week, reassuring investors that the entry into the new era of the Ethereum blockchain is close.

The sentiment surrounding the Ethereum protocol has made the native token an attractive option for retail and institutional investors. So far, a number of investment platforms, including Swiss digital bank SEBA Bank, have announced that they will be able to launch Ethereum staking services once the merger is complete.

The Ethereum craze has spilled over into its associated tokens, and other so-called digital currencies are now on the rise.

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