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Many other notable digital currencies are currently seeing massive gains, bringing the crypto market a remarkable 1.7% increase on the day to surpass the $1 trillion mark.
Ethereum (ETH) price has surged to its highest level since November 8 as demand for the network also continues to build up. This follows after ETH consolidated its weekend gains, climbing over 3% in the last 24 hours. According to CoinMarketCap data, ETH hit the $1,579 mark in the early hours of Monday, but has now slightly re-traced its steps and was seen trading at $1,542 as of press time.
Ethereum (ETH) Price Expected to Rally On
It should be noted, however, that the $1,542 mark has proven to be strong support so far. For several days, ETH has refused to allow any price slips below the mark. And in addition to that, bulls presently have momentum as shown by the high volumes of trades involving the ETH/USD pair.
Meanwhile, various claims have also surfaced regarding how macroeconomic conditions appear to be gradually improving themselves. The claims include the stock market’s recent rise, deflation – shown by the Consumer Price Index (CPI), and the expectations of a much lower interest rate hike by the Federal Reserve.
Crypto Market in Greens
The price movement of ETH reflects what is generally obtainable in the crypto market as of this moment. Like Ethereum, Bitcoin’s (BTC) price is also doing well, but maybe not as well. The flagship cryptocurrency is up 27% in the last two weeks and is only 2.1% up on the day. Therefore, Ethereum may have outperformed Bitcoin with its 30% gain within the same period.
Also, many other notable digital currencies are currently seeing massive gains, bringing the crypto market a remarkable 1.7% increase on the day to surpass the $1 trillion mark. Some of such assets doing great at the moment include Shiba Inu (SHIB), XRP, Near Protocol (NEAR), and Polygon (MATIC).
Interestingly, the gains have somewhat recovered all the losses that the crypto market incurred from FTX collapse back in November. Recall that the crash of the $32 billion crypto empire stripped the market of billions at the time. The situation also caused the market to fall below a $1 trillion valuation.