It’s been a while since the cryptocurrency market is down due to the bear market. However, now the global crypto market is on the verge to reclaim its $1 trillion market capitalization.
Following a big drop early in June, cryptocurrencies made a strong comeback, led by Ethereum (ETH). The weekly ETH price has risen above 13% as the world’s second-largest cryptocurrency gains clear support near its 200-week moving average of $1,200.
At the time of writing, ETH is trading a 2.16% downswing at $16219, with a market worth of $148 billion.
The ETH’s rise in value comes amid significant short liquidations in the world’s second-largest cryptocurrency. According to CoinGlass statistics, almost $60 million in short liquidations occurred last Friday.
Genesis Trading’s Ainsley To, Gordon Grant, and Noelle Acheson stated in a consumer comment that A significant options expiry on Friday was being closely monitored as a possible cause of instability. Nevertheless, they also noted that Ether’s “short volatility eliminated quite quickly” amid “perhaps unforeseen consistency.”
Ethereum Begins The Recovery Journey
Following a robust comeback just a week before, the world’s second-largest cryptocurrency has begun to show symptoms of revenue.
Santiment, an on-chain data supplier, mentions that Ethereum is having a good weekend because as the price of the #2 market cap cryptocurrency is currently up +30% in the last week. The report further claims that there seems to be a lot of revenue towards this half rise, and the lack of whale activity suggests this surge is not coming through whales.
ETH short holdings nowadays are declining whereas long positions are on the rise amidst BTC price fall ever since the start of May.
Looking at the statistics from Datamish, crypto expert Colin Wu states that Bitfinex’s existing ETH short position is 19,132.4 pieces. Bitfinex ETH short holdings have dropped sharply since May 9, with a total loss of 243,000 ETH. Long holdings have risen further, with a total gain of 245,000 ETH.
Ethereum is now on a steep decline since the commencement of the year 2022 and is currently below more than 60% year to date.
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