Wednesday, June 12, 2024

Rising and stable Ethereum (ETH) prices drive the overall cryptocurrency market to $1 trillion.

The price of the digital asset Ethereum (ETH) is on the rise, creating stability in the market. This has reignited hopes and pulled the larger crypto industry to $1 trillion.

In June this year, ETH made a good collection. It even managed to trigger the recovery of altcoins. Now the crypto market is aiming to value at the $1 trillion mark once again.

The Recovery and Rise of Ethereum

ETH, world’s second most popular digital asset, witnessed a 13 per cent spike on the week’s chart. The digital asset enjoyed support at its moving average of 200 weeks, which is $1,200. At the time of writing, Ethereum is trading at $1,219 (down by 1.2 per cent). The current market cap is $148 billion.

Short liquidations are cited as reason behind ETH’s price recovery. Just last Friday around $60 million from Ethereum were liquidated. A trend of liquidation of sizeable amounts is noticeable in the digital asset.

Under ordinary circumstances, this phenomenon could have resulted in market volatility. But the clearance of short risks for ETH went surprisingly smooth. This resulted in an unexpected but desirable stability.

Time for Profit-taking

Due to last week’s impressive recovery, ETH can hope to make some profit from the price rise. The second-biggest digital asset in the world, Ethereum saw a 30 per cent increase in asset price.

This mid-sized bounce indicates a possibility for profit-taking. And it is not coming from them, as indicated clearly by the low whale activity. Since May, the short positions of ETH were declining.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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