ETH Skyrockets to $3,000 Amidst Bitcoin’s Rise
Bitcoin’s price has surged to $53,000, but Ethereum (ETH) has outperformed the leading cryptocurrency and reached $3,000 for the first time in nearly two years.
Over-Leveraged Traders Face Liquidations
The recent price hikes have put over-leveraged traders in a difficult position, resulting in total liquidations amounting to almost $200 million.
Bitcoin Hits $53,000 Again
The cryptocurrency market has been on a winning streak with Bitcoin recording double-digit gains in two consecutive weeks. Although the start of this week was slow, Bitcoin has surged to $53,000 for the first time since late 2021.
Ethereum Leads Altcoin Rally
Ethereum has been leading the altcoin rally recently. This surge may be driven by the anticipation of spot Ethereum ETF approvals in the US, similar to what happened with Bitcoin ETFs at the end of 2023. Over the past few weeks, Ethereum’s price has risen by over $500.
ETH Briefly Surpasses $3,000
Today, Ethereum experienced another significant surge and briefly exceeded $3,000, marking its highest price level since April 2022. Although it retraced from that point, Ethereum is still trading positively on a daily scale.
Liquidations Reach Nearly $200 Million
The heightened volatility has had an impact on riskier traders, resulting in approximately $200 million in liquidations within the past day. According to CoinGlass, around 70,000 traders have suffered losses, with Ethereum positions accounting for a quarter of that amount at $50 million.
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