Ethereum

Solana

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ether continues to outperform Bitcoin, maintaining its rally amid market volatility.</li>
 <li>Over $27 million in Ether short liquidations occurred due to the asset rising above $3,600.</li>
</ul>
<p>Ether’s performance in the cryptocurrency market has been impressive, with the digital asset maintaining its rally and outperforming <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>. This comes as market volatility has triggered a surge in short liquidations.</p>
<h2 id="impact-of-market-volatility">Impact of Market Volatility</h2>
<p>Ether short positions have suffered the most as the asset’s value rose above $3,600 on Monday. Data from Coinglass reveals that over $27 million in Ether short liquidations took place in the last 24 hours. In the broader cryptocurrency market, liquidations exceeded $204 million during the same period.</p>
<p>Ether’s value increased by around 1% in the last 24 hours, trading at $3,605 at 4:38 a.m. ET.</p>
<h2 id="factors-driving-ether-s-rally">Factors Driving Ether’s Rally</h2>
<p>Luke Nolan, a research associate at CoinShares, suggests that the announcement of BlackRock’s tokenized fund on <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> last month could be a long-term bullish factor for the digital asset. The choice of a public blockchain over a private one and the selection of Ethereum over other layer 1 alternatives demonstrate Ethereum’s security, liveness guarantees, and robust developer base.</p>
<p>Nolan also highlighted the ETH/BTC pair, which is currently at multi-year lows. Historically, when Ether has been undervalued, it has gone on to outperform Bitcoin for several weeks or even months.</p>
<p>However, Nolan does not expect the U.S. Securities and Exchange Commission to approve a spot Ether ETF in May. He suggests that the lack of dialogue from the SEC and subsequent amendments from issuers is a negative sign. However, he also notes that the market is not expecting approval, so a rejection is unlikely to significantly impact prices.</p>
<h2 id="other-cryptocurrencies">Other Cryptocurrencies</h2>
<p>In contrast to Ether’s sustained rally, Bitcoin has declined by 1.47% in the past day, falling below the $70,000 mark. Solana also experienced a price correction, falling by 3.62% in the past 24 hours to $175.60 at 4:38 a.m. ET.</p>
<p>The global cryptocurrency market cap stands at $2.78 trillion today, a slight increase of 0.2% in the last 24 hours. Bitcoin’s dominance is at 49.9% and Ether’s dominance is at 15.7%, according to Coingecko data.</p>
<p>The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has increased by 1.42% to 151.88 in the past 24 hours.</p>

Ethereum Triumphs Over Bitcoin in Latest Rally, Boosted by Short Liquidations Surge

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Alte articole publicate pe 9 apr. 2024

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