The total cryptocurrency market cap increased by over 2% in the last 24 hours, reaching around $2.3 trillion as of Friday. Ethereum (ETH) led the way among altcoins, with its price jumping over 5%. Ethereum’s fully diluted market value stands at approximately $306 billion, with daily trading volumes around $19 billion. It was trading at about $2,545 during the early European session on Friday.
With this price surge, more than $28 million was liquidated from the Ethereum derivatives market, mostly affecting short positions.
Why is the market turning around? Let’s dive in.
On-chain data from the past three weeks shows that more than 547,000 ETH, worth over $1.26 billion, was moved to various crypto exchanges. This came as U.S. spot Ether ETFs struggled to perform, keeping Ethereum in a bearish position.
However, in the past two days, there has been a shift. Large holders, or “whales,” have started moving again, with BlackRock’s ETHA leading the U.S. spot Ether ETFs with $5.24 million in cash inflows on Thursday. Notably, no U.S. spot Ether ETF recorded a net outflow that day.
The overall crypto market has also gained momentum due to the Federal Reserve’s move toward quantitative easing, marked by a 5-basis-point rate cut on Wednesday.
Bitcoin has been driving the bullish trend, briefly surpassing $64,000 earlier today. This was further supported by the Bank of Japan’s decision to maintain its interest rates at 0.25%.
From a technical standpoint, Ethereum price is likely to continue rising and potentially outshine Bitcoin ahead amid the ongoing crypto cash rotation favoring altcoins. Moreover, the ETH/BTC pair has significantly rebounded after dropping to a multi-year low earlier this month.
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