On October 1, the cryptocurrency market saw a 9.5% rally that took Ether () and Ether (ETH) to 12-day highs. Various reasons are attributed to the price movement, such as the US consumer price index, declining exchange reserves, and the formation of the continuous “cup with a handle” histogram.
Traders likely won’t find any explanation for this sudden move, other than investors regaining confidence after the Sept. 19 slide which was attributed to the fallout from a default from Chinese real estate developer Evergrande.
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The Ethereum network has faced some criticism due to transaction costs of $20 or more due to sales of non-fungible tokens (NFTs) and activity in decentralized finance (DeFi) protocols. Cross-chain bridging that connects Ethereum to other Proof of Stake (PoS) networks has partially solved this problem, and the launch of the Umbrella network oracle service on Friday shows how fast interoperability is progressing.
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