Altcoins have experienced an increase together with Bitcoin. Ethereum has managed to gain around 14% within 24 hours. Now ETH price is around $175.
We have been used to Bitcoin already traditionally leading the crypto market. However, it seems that the most popular altcoin is slowly but surely taking the lead. Ethereum price is rising by exquisite pace since Monday’s candle open at $142, the second-largest digital asset has rocketed 13.85% higher, reaching $175.13 just minutes ago as of the time of this article’s writing.
This is the highest price ETH has traded at since March’s capitulation event, and 88% higher than the $90 price that was that day.
This tremendous jump has liquidated more than $1.6 million worth of short positions on BitMEX including thousands of dollars more of liquidations being reported each and every minute. Do not forget, even though $1.6 million doesn’t sound like a number that big, it represents a huge slice of the whole ETH market that is, traditionally, much less liquid than it is the case with Bitcoin.
What Boosted Ethereum Price Rise?
However, everybody’s wondering – what happened that boosted Ethereum on these tracks. As always, there is more than one answer to that question or, should we say, more market trends to be considered.
According to Skew.com data, investors really want ETH. U.S. dollar-denominated open interest in the ETH contract rose to $67 million today that shows that investors are opening long positions as a response to this move. In that way, the price is pressured higher.
Also, it seems Ethereum price is catching up with Bitcoin and that is a good thing. Last month there was strong underperform and fall from $200 to $89 in just 24 hours. That is more than 50% fall so, perhaps it’s time to catch up a bit.
One of the possible reasons could also be the fact that a key technical analysis factor is playing out. Ethereum finally got out from this escalating triangle pattern that usually results in further rise for…