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With the resurgence of the cryptocurrency market and Bitcoin surpassing $26,700 levels yesterday, Ethereum (ETH) also turned its direction upwards. ETH, which gained more than 2% in the last 24 hours, started trading at $1676.
Cryptocurrency Market is on the Rise
The cryptocurrency market, which has experienced a strong downward momentum since last Friday, started to rise again as the leading cryptocurrency Bitcoin approached $26,800 levels. Most of the high market cap cryptocurrencies recorded various increases in value in the last 24 hours, influenced by the rise in BTC.
The total market value of the cryptocurrency industry reached $1.06 trillion, according to CoinMarketCap (CMC) data. Due to the increasing volatility in the cryptocurrency market, approximately $90 million worth of short and long positions were liquidated in the last 24 hours, according to Coinglass data. On the other hand, despite the increases in cryptocurrencies, there was a decrease of over 6% in trading volumes. The total trading volume of the cryptocurrency market in the last 24 hours dropped to $32.8 billion after a 6.7% decrease, according to CMC data.
What’s the Current Situation of Ethereum (ETH)?
Ethereum (ETH) has shown a relatively lower price performance compared to the leading cryptocurrency BTC in recent weeks. The significant drop in the cryptocurrency market last Friday witnessed one of the most striking declines in recent times, causing ETH to temporarily drop to the $1600 support level and gain a strong downward momentum in the process.
However, with the cryptocurrency market resuming its upward trend after days of continuous decline, ETH gained more than 2% in the last 24 hours and approached the $1700 levels significantly. However, ETH was rejected at the $1690 levels and pulled back to the $1670 levels. With its recent price movements, ETH started trading at $1676.
