Cryptocurrency Ethereum grew by 15% overnight

The cryptocurrency Ethereum has reached a new all-time high in daily transactions and grew by 15% overnight.

According to crypto analysts from IntoTheBlock, more than 1.1 million addresses have made ETH transactions over the past day, which is 48% higher than the previous record. Interestingly, the exact reason for the sudden surge in ETH transactions remains unknown. However, the situation with the growth of the ETH price is more clear: Ethereum rose by 15% overnight, thanks to the increase in the key rate range from the US Federal Reserve by 75 basis points at once. At the time of writing, ETH is trading at $ 1625.

It is worth noting that, in addition to ethereum, the increase in the key rate range to 2.25−2.5% also affected other cryptocurrencies. Among them is bitcoin, which rose in price by 9% overnight. At the time of writing, BTC is trading at $ 23,017.

As a reminder, Ethereum developers will soon begin the final phase of the blockchain’s transition from the Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS). Developer Tim Bako named September 19 as the day when the merger could happen. And Vitalik Buterin advised users skeptical of PoS to invest in Ethereum Classic (ETC), which was launched in 2016 as a hard fork of Ethereum.