The cryptocurrency market, which started the week with a decline, rebounded as the leading cryptocurrency Bitcoin surpassed the $26,000 level. With the upward trend in the cryptocurrency market, Ethereum (ETH) recorded a value increase of over 1% in the last 24 hours.
Cryptocurrency Market Rebounds
Although the cryptocurrency market started the new week with a decline, it rebounded during the day. The leading cryptocurrency Bitcoin (BTC) surpassed the $26,000 level with its recent value increases.
Most altcoins in the cryptocurrency market rebounded as Bitcoin (BTC) surpassed the $26,000 level. The total market value of the cryptocurrency ecosystem reached $1.04 trillion, according to CoinMarketCap (CMC) data.
Furthermore, there has been a significant increase in volatility in the cryptocurrency market. According to Coinglass data, there were short and long position liquidations worth an average of $180 million within the last 24 hours.
Ethereum (ETH) Surpasses Critical Levels
With the downward momentum in the cryptocurrency market since last week, most altcoins experienced a downward price movement and significant losses. During this period, Ethereum (ETH) also fell below the $1,600 support level it had been testing for weeks.
On the other hand, Bitcoin’s (BTC) surpassing of the $26,000 level led to a rebound in the cryptocurrency market. Ethereum (ETH), which had fallen below the $1,600 level for weeks at the beginning of the new week, surpassed the $1,600 level again with a value increase of over 1% in the last 24 hours.
In addition to the rise in the cryptocurrency market, trading volumes have also significantly increased. According to CMC data, there was an increase of nearly 60% in ETH’s total trading volume within the last 24 hours. Furthermore, Ethereum’s total market value surpassed $194 billion after falling to $185 billion yesterday evening.
