Ethereum (ETH) Price Set New Record High of $3,450
3 hours ago by Steve Muchoki · 3 min read
Photo: Shutterstock
You have successfully joined our subscriber list.
The spike in Ethereum price rejuvenated the cryptocurrency bulls after the entire market consolidated for around two weeks.
After adding over 16% on Monday and closing the day trading at $3,431, Ethereum (ETH) price continued to push higher and did set a new record of slightly above $3,450 according to Binance-backed CoinMarketCap. Meanwhile, the asset was trading around $3,373.45, up approximately 9.04% in respect to yesterday’s close.
As a result of the increased volatility, Ethereum (ETH) saw its market capitalization spike to almost $400 billion. Notably, its daily average traded volume stood at approximately $72.7 billion according to metrics provided by CoinGecko.
Epic Ethereum Short Squeeze Pushes Rally To New ATH
Reading Time: 3 mins read
For the last few days, Ethereum has been adding incredible returns for investors. According to CoinMarketCap, on Monday, ETH added over 16% pushing the coin to a new record of slightly over $3,450. At the time of writing, the coin was trading at around $3,470, a gain of 9.43% over the last 24 hours.
Ethereum Short Squeeze Is Responsible For The Rally
A short squeeze refers to when short-sell orders in the futures market are liquidated in a short period of time. When the shorts are liquidated, short-sellers will have to buy back their positions. This automatically causes buyer demand to increase in the market.
Bitcoin (CRYPTO: BTC) over gold.
Kiss My Asset: According to a new LendEdu survey of 1,000 adults conducted on April 21, 56% of respondents said Bitcoin was the better investment to maximize profits, while 33% said gold was a superior choice.
When asked which was the superior investment product for maximizing profits on a $50,000 initial investment, 49% of respondents pointed to Bitcoin while 37% preferred gold.
But that’s not to say gold has completely lost its luster. When queried on which was the better store of value to protect against inflation, 50% of respondents chose gold and 39% picked Bitcoin. And for building a nest egg on a $50,000 initial investment, 45% said they would choose gold and 42% looked to Bitcoin.
The US economy is poised to grow at its fastest pace since 1984. With a recovery that brisk, expect plenty of strange developments over the next few months. Doug Mills-Pool/Getty Images; Samantha Lee/Insider
Economists expect the US economy to grow at its fastest pace since 1984 this year. Insider senior correspondent Aki Ito digs into what led to the boom, and what it means going forward for an American populace still feeling the unique effects of a historic downturn.
Read the full story here:
Time to buy the dip, or have the crypto markets got further to fall?
Crypto at a glance
It’s a sea of red this morning, as a tough week in the crypto markets continues to get tougher. More than $400 billion has now been wiped off the cryptocurrency market over the last seven days – almost 20 per cent of its total value. Is it time to buy the dip, or is there still further to fall before we can talk about a recovery?
The Bitcoin price has extended its recent decline, falling to below $50,000 for the first time since March 8. The leading cryptocurrency is currently trading at just below $49,000 and looking for support. Will it find it here and recover back to the $50-60k range it’s been in for so long now?