What a past few weeks it’s been for Ethereum. The second-largest cryptocurrency is up approximately 50% in the past 10 days alone, with bulls finally flooding to purchase ETH after a strong macro bear market.
The asset trades at $382 as of this article’s writing, going effectively parabolic on a macro scale. In the past 24 hours alone, Ethereum has gained 10% against the U.S. dollar, outperforming Bitcoin, which is up by only 4%.
Chart of ETH's price action over the past two weeks from TradingView.com
This latest surge higher has had a large impact on the cryptocurrency derivatives market.
According to Skew.com — a crypto derivatives tracker — more than $2.5 million worth of Ethereum shorts on BitMEX- has been liquidated in the past hour …