Following Bitcoin’s (BTC) all-time high, the crypto market has rebounded, with Ether (ETH) even managing to return to $3,000. Here’s a look at the best performers of the last few hours.
ETH soars as the crypto market regains momentum
It hasn’t escaped the attention of any crypto investor: Bitcoin (BTC) has finally decided to break new records in the last 48 hours, taking altcoins with it in its wake. Among the notable performances, Ethereum’s ETH stands out, as it has finally regained the $3,000 mark. At least, the price of ETH is currently trading at $3,009, up 8% in 24 hours, after recovering 42% since its last low on June 22:
Nevertheless, zooming out a little, it is clear that the asset has underperformed compared to BTC. And with good reason: ETH is still down 26.5% from its high of $4,105 on December 16, but also down more than 38% from its all-time high (ATH) of nearly $4,880 on November 10, 2021.
Nevertheless, the short-term performance should be commended and is also reflected in the US spot ETFs on Ether, which had their second-best day ever with $383 million in net inflows. In total, these ETFs now hold $12.5 billion worth of ETH, or 4.43 million units.
The rest of the market follows suit
Apart from ETH, the rest of the crypto market has performed very well over the past 24 hours, as evidenced by the top 10 largest market caps:
In the top 10 above, Cardano’s ADA stands out the most, with a 12.1% increase in 24 hours. DOGE is also performing particularly well with a 9.8% increase, as are SOL and XRP, with 5.2% and 6.6% respectively.
Outside the top 10, we can see even bigger gains, such as SEI in 70th place, which is up 21.8%, and PEPE, which represents the biggest gain in the top 50 with a 14.1% increase.
In terms of liquidations on centralized derivatives platforms, short positions are suffering heavily, with $1.12 billion in losses out of a total of $1.26 billion in the last 24 hours. Here, volumes are mainly on BTC, with $658 million in liquidations.
Despite the more or less widespread increase, the total crypto capitalization, estimated today at $3,733 billion, will still need to grow by 4.68% to beat its own ATH of December 17.
As prices rise again with vigor, it will be interesting to see if this surge will be enough to trigger a real resurgence of interest among the general public, at a time when the crypto market is mainly driven by institutional investors.
