Ethereum is reaching new heights along with other cryptocurrencies, pulling the entire market in an upward swing. According to Coingecko, the market itself grew over a percent in the past 24 hours. The prime altcoin itself is up 5.5% since last week.
This sudden swing in price can be attributed to recent on-chain and macro developments that emboldened the bulls in the broader financial market.
Ethereum followed the stock market higher as US politicians broke their impasse over the federal government’s debt ceiling.
United States President Joe Biden and Republican Congressman Kevin McCarthy reached a tentative deal to suspend the $31.4 trillion debt of the US government. This came after a few months of tense back and forth deliberations between the Democrats and Republicans.
US Debt Deal: A Quick Look
A US debt deal refers to an agreement reached by the United States government to address its…
