Bitcoin And Cryptocurrencies Market Capitalization Returns To $1,000 Billion Milestone

The price of Ethereum and Bitcoin last weekend climbed to a peak of 10 days as the market showed signs of stabilizing.

Ethereum on June 26 rose nearly 6% to $1,279 before dropping slightly this morning. According to Bloomberg, this amount appears to have found support around the 200-week moving average, which is now close to $1,200.

Bitcoin on June 25 also sometimes goes up to $21,860 a coin. Both Ethereum and Bitcoin climbed to the top 10 days last weekend.

The cryptocurrency market capitalization thus returned to $1,000 billion last weekend, according to data from CoinGecko. Ethereum “is leading the way after strong short-term pullbacks,” Fundstrat said of the crypto rally over the past week. Data from CoinGlass shows that approximately $60 million of Ethereum futures trading positions were liquidated on Friday, the highest in five days.

Cryptocurrencies have been volatile since the beginning of this year due to interest rate hikes by the US Federal Reserve and fears of the impact of high inflation. Despite rising again over the past week, Ethereum has fallen by more than 60% since the beginning of the year.

The analysts see an option contract that matures last Friday as a potential source of volatility. However, “short-term risks were surprisingly effectively cleared” for Ethereum at a time of unexpected market stability, commented Ainsley To, Gordon Grant, and Genesis Trading’s Noelle Acheson.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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