Ethereum has been testing the $2,300 price resistance range during the recent market recovery posed by the market. Total crypto market capitalization has seen gains of 2% over the past 24 hours. This translates to about $70 billion in market cap gains over the last day. This new recovery comes in light of the news of bitcoin whales accumulating over 60,000 bitcoins in a single day. The biggest accumulation so far of 2021 in 24 hours.
The bullish news pushed the price of bitcoin over the $35,000 range and Ethereum broke $2,300 in that same time period. ETH had consistently traded under $2,300 over the past week. With bulls trying to push the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin over the hurdle but with no success. But in a small rally that followed the price of bitcoin, the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin had finally broken this important point.
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Although the price only stayed above $2,300 for a small amount of time, this is major news to Ethereum bulls.
Bullish News And Sentiment
Last week, news broke that number of active Ethereum addresses had risen higher than active bitcoin addresses. This comes after reports that bitcoin active addresses had hit a new low. This was after the number had hit a new record high at the height of the bull market.
Ethereum active addresses are reportedly over 700,000. While bitcoin active wallet addresses remain just north of 50,000. ETH market cap currently sits at approximately $264 billion.
Although Ethereum still follows bitcoin in market cap and popularity, the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is really gaining ground as the digital asset to be invested in. With so many improvements in the network, speculations abound that Ethereum will soon overtake Bitcoin as the digital asset of choice in the coming years.
Ethereum briefly breaks $2,300 before crashing back down | Source: ETHUSD on TradingView.com
As bullish sentiment increases, so will the number of new investors coming into Ethereum. The recent price spike has shown that market interest in the » Read more