January 23, 2021

Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Ethereum's Price Booms by 10%

2 min read

Ethereum continues to have a good week: it’s risen 10% today, which brings it to a 66% increase over the past seven days.

In a little over an hour, the price climbed from $1,225 to around $1,280.

This is dangerously close to a new all-time high—Ethereum last broke the record, $1,432, on January 13, 2018.

The rest of the market is also performing well. The global crypto market cap surpassed $1 trillion for the first time earlier this week thanks to the success of Bitcoin, which sits at around $40,800 as of this writing. The price of Bitcoin has risen by almost 25% this week.

Why the rise? Why any rise?

Much ado was made about a supposed claim from an Ethereum whale for a long position of over $1 billion on Bitfinex. Claiming a long position on Bitfinex means to pay off all loans initially taken out to increase exposure to ETH, and to keep holding the asset.

Some onlookers thought that this means that the whale, whose sudden dump could hurt the market, intends to keep their ETH because they expect the bull run to continue.

But Darius Sit, founder of QCP Capital, told Decrypt that the whale was “just taking profit,” and “wouldn’t read into it more than that.”

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Source

Leave a Reply

Your email address will not be published.