Many other notable digital currencies are currently seeing massive gains, giving the crypto market a remarkable 1.7% rise on the day to surpass the $1 trillion mark.
The Ethereum (ETH) price has risen to its highest level since November 8 as demand for the network also continues to rise. This follows after ETH consolidated its weekend gains, rising more than 3% in the last 24 hours. According to CoinMarketCap dataETH reached the $1,579 mark in the early hours of Monday but has now retraced its steps slightly and was seen trading at $1,542 at press time.
Ethereum (ETH) price is expected to rise
However, it should be noted that the $1,542 mark has proven to be strong support thus far. For several days, ETH has refused to allow prices to fall below the mark. And on top of that, the bulls currently have momentum as evidenced by the high trading volumes involving the ETH/USD pair.
Meanwhile, various claims have also surfaced about how macroeconomic conditions appear to be gradually improving. Claims include the recent rise in the stock market, deflation, shown by the Consumer Price Index (CPI), and expectations of a much smaller interest rate hike from the Federal Reserve.
Cryptomarket in Greens
The price movement of ETH reflects what is generally obtainable in the crypto market as of this moment. Like Ethereum, the Bitcoin (BTC) price is also doing well, but maybe not as well. The flagship cryptocurrency is up 27% in the past two weeks and just 2.1% on the day. Therefore, Ethereum may have outperformed Bitcoin with its 30% gain in the same period.
Additionally, many other notable digital currencies are currently seeing massive gains, giving the crypto market a remarkable 1.7% rise on the day to surpass the $1 trillion mark. Some of those assets that are doing really well right now include Shiba Inu (shib), XRPNear Protocol (NEAR) and Polygon (MATIC).
Interestingly, the gains have somewhat recouped all the losses the crypto market incurred from the FTX crash in November. Remember that the fall of the $32 billion crypto empire stripped the market of billions at the time. The situation also caused the market to fall below a trillion dollar valuation.
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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from cryptocurrency, however, Mayowa’s imagined distractions include soccer or discussions of world politics.
