As a researcher with experience in the cryptocurrency market, I find Ethereum’s recent surge to be an intriguing development. The 17% increase within 24 hours, pushing ETH‘s price to $3,645, has ignited a frenzy in the market and highlighted its volatility and dominance. This sudden rise was driven by rumors of potential SEC approval of several spot Ethereum ETFs, leading to substantial liquidations totaling $114.47 million.
There’s palpable enthusiasm among investors as Ethereum, which has seen a 17% increase in value over the past day, hits a new price high of $3,645. This development is causing quite a stir in the cryptocurrency sector.
In the process of liquidation, the value of this asset reached a total of $114.47 million, with a substantial portion being from Shorts at $84.50 million, while Longs accounted for $29.98 million. This substantial shift underscores Ethereum’s market volatility and its significant influence within the cryptocurrency market.
On Monday, Ethereum (ETH) reached a peak price of $3,691 per coin during the day, fueled by buzz on social media and discussion forums regarding the possibility of SEC approval for several Ethereum spot ETFs. Based on multiple sources, it was indicated that exchanges had reportedly been directed by the SEC to prioritize their 19b-4 filings.
As a crypto investor, I’ve noticed an intriguing shift in the market sentiment towards Ethereum (ETH). Bloomberg analysts Eric Balchunas and James Seyffart have substantially upgraded their approval ratings from 25% to 75%, fueling excitement among investors. Consequently, ETH experienced a remarkable surge, jumping from $3,140 at 3 p.m. Eastern Time (EDT) on May 20th, to a peak of $3,691 per coin by 6:30 p.m. EDT.
As a researcher studying the cryptocurrency market, I’ve observed an impressive surge in Ethereum (ETH) values against the U.S. dollar. In just a few hours, Ether has risen by 17.96%, adding approximately $551 to its value. This sudden growth has boosted Ethereum’s market dominance to 17%, giving it a remarkable total market valuation of around $438 billion. Moreover, the 24-hour trading volume for Ethereum has seen a staggering increase of 254%, reaching an impressive value of approximately $37 billion.
Approximately $340.35 million worth of market positions were liquidated in total, including $77.26 million in long positions and $263.34 million in short positions. Yesterday, a total of $340.61 million was wiped out for 78,944 traders. The biggest individual liquidation took place on Huobi, amounting to $3.11 million in ETH-USDT value.
The forthcoming Ethereum ETF decision has generated significant buzz around the weekly and monthly ETH options expiries. On Deribit, the leading derivatives platform, the value of open positions for Ether options is noteworthy: $867 million on May 24 and an astounding $3.22 billion on May 31.
On Deribit, the demand for call options significantly outweighs the supply of put options, indicating that a larger number of traders prefer to purchase options rather than sell them.
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2024-05-21 09:57