The crypto market started the day with a rise as the leading cryptocurrency Bitcoin began trading at $30,200, representing a 1% increase in value over the past 24 hours. Following the market’s upward trend, Ethereum (ETH) also experienced a modest increase of 0.5%, reaching a price level of $1,915.
What’s the Current Situation in the Crypto Market?
With Bitcoin starting to trade at $30,200 after a 1% increase in the last 24 hours, the crypto market began the day with a rise. Chainlink (LINK) and Stellar (XLM) recorded significant value increases throughout the day as the crypto market showed an upward trend.
According to CoinMarketCap (CMC) data, the total market capitalization of the crypto ecosystem reached $1.22 trillion after the recorded increases during the day. Additionally, compared to the previous week, the market volatility remained relatively low. Coinglass data shows that approximately $65 million worth of short and long positions were liquidated in the past 24 hours.
Ethereum (ETH) at Critical Price Levels Again
Ethereum (ETH) briefly surpassed the $2,000 price level in recent days following the historic decision in the Ripple case. However, it experienced a decline to critical price levels at the beginning of the week due to the loss in value. Nevertheless, ETH rebounded as the crypto market started the day with a rise after dropping to $1,880 yesterday evening.
During the past 24 hours, ETH recorded a low increase of 0.5% and started trading at $1,915. Alongside the price increase, there were significant rises in trading volumes as well. According to CoinMarketCap, ETH’s total trading volume increased by almost 90% in the past 24 hours.
Furthermore, on-chain data analysis platforms shared current data indicating that an ETH investor who had not made any transactions for several years transferred 61,216 ETH worth an average of $116 million to the Kraken cryptocurrency exchange after eight years.
