The last week in the crypto space remained eventful with altcoins taking up the charge after a long time. While Bitcoin oscillates around $22,000 levels, Ethereum and its Layer 1 Competitors outperformed the broader market.
Altcoins dominated the crypto market adding nearly $50 billion to the overall market cap last week. The world’s second-largest crypto Ethereum (ETH) has surged past $1,4000 levels over the last weekend extending its weekly gains to more than 22% as of press time.
The ETH price rallied as developers confirmed that they should be rolling out the much-awaited Merge upgrade on the Ethereum mainnet in the week of September 19. The Merge upgrade will transition Ethereum to the Proof-of-Stake (PoS) blockchain network which drastically improves network scalability and reduce network congestion and transaction costs.
Ethereum Layer-1 Competitors
Along with Ethereum, other Layer-1 competitors delivered a strong performance last week. Solana (SOL) rallied a strong 14% moving past $40 levels as of press time. On the technical charts, SOL is trying to move through the 50-day exponential moving average (EMA). It can reach $48 if its breaches through some key resistances.
$sol trying to get above the 50 day EMA again after yesterday's rejection.
