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Cryptocurrencies:  6,269Markets:  24,788Market Cap:  $357,585,390,88524h Vol:  $76,293,262,339BTC Dominance:  60.5%
Market Cap:  $357,585,390,88524h Vol:  $76,293,262,339BTC Dominance:  60.5%Cryptocurrencies:  6,269Markets:  24,788

Ethereum Rockets to $380 to Post 10% One-Day Surge: What’s Next For ETH?

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Ethereum Rockets to $380 to Post 10% One-Day Surge: What’s Next For ETH?

NewsBTC1 week ago
Published on August 01, 2020 07:39 GMT+0edited on August 02, 2020 12:01 GMT+0

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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

A $2.5 Million Liquidation Event

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 …