It has taken the second-largest cryptocurrency by market cap less than a week to break above its ATH record. Ethereum has jumped by more than 10% on a 24-hour scale and spiked north of $2,570.
- CryptoPotato reported over the weekend the steep market-wide retracements in which all digital assets saw $360 billion evaporated from the market capitalization.
- Ethereum was no exception. It had come off right after its record at the time of just shy of $2,550 and plummeted by roughly $600 to a low of $1,950.
- Most of the market has struggled since then, but not ether. The cryptocurrency has recovered all losses and jumped to a new all-time high of over $2,570 (on Bitstamp) minutes ago.
- These developments pushed ETH’s market dominance to well above 14% as the asset’s market cap has neared a significant milestone – $300 billion.
- Ethereum bears have suffered in the past several hours following the impressive leg up by the second-largest crypto.
- Bybt data shows that over $21 million were liquidated in the past hour alone for ETH. The number goes to $40 million for the last 4 hours and $170 million on a 24-hour scale. Somewhat expectedly, the majority of those liquidations are for short positions.