Ethereum Surges 11% in Largest Daily Gain Since February

Ethereum Sees Significant Bullish Momentum

Ethereum experienced a significant price surge, climbing 10.65% to trade at $2,067.27 on the Investing.com Index. This marks the largest single-day percentage increase for the cryptocurrency since February 6, signaling strong bullish momentum in the market.

Market Performance Overview

The upward movement pushed Ethereum's market capitalization to $249.62 billion, representing 10.38% of the total cryptocurrency market. Within the preceding 24 hours, ETH traded in a range between $1,755.31 and $2,089.67. The trading volume reached $72.82 billion, accounting for 24.39% of all cryptocurrency volume during the period.

Broader Cryptocurrency Market Impact

The bullish sentiment was not limited to Ethereum. Bitcoin also saw a substantial gain, rising 11.13% to $70,773.1, reinforcing its dominance with a market cap of $1.415 trillion. Meanwhile, the stablecoin Tether USDT remained steady, trading at $0.9995 with a minor gain of 0.06%.

Summary

Despite this recent rally, Ethereum remains down 58.29% from its all-time high of $4,955.90. Over the past week, the asset has seen a value decrease of 24.6%. Investors will be closely watching if this bullish momentum can be sustained to challenge previous resistance levels.

FAQ

Q: What was the main reason for Ethereum's price increase?
A: The article reports a 10.65% increase, the largest since February 6, indicating strong bullish trading activity, though a specific external catalyst was not mentioned.

Q: How did Bitcoin perform during this period?
A: Bitcoin also experienced a significant rally, climbing 11.13% to reach a price of $70,773.1.

Q: What is Ethereum's current market capitalization?
A: Following the price surge, Ethereum's market capitalization rose to $249.62 billion.

Source: Investing.com