Ethereum (ETH) hit a high of US$1,610 on Tuesday morning in Asia, before retracing to trade at US$1,521 at press time, according to data from CoinMarketCap.

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Fast facts

• The world’s second-largest cryptocurrency by market capitalization was up over 26.6% since Saturday in its surge to “The Merge,” the blockchain’s highly anticipated move to proof of stake, tentatively set for Sept. 19.

• Ethereum Classic (ETC) was the day’s biggest winner among the top 100 cryptocurrencies at Tuesday morning trading in Asia, gaining 22% over the past day.

• Bitcoin was trading at US$22,071, up about 3.59% over the past 24 hours, according to CoinMarketCap data, extending a cryptocurrency rally that started on Sunday.

• Major cryptocurrencies and traditional markets have been battling concerns of rising inflation, a possible recession, uncertainty caused by the war in Ukraine and a growing list of crypto firms lining up for bankruptcy.

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