tl;dr
In the past 24 hours, $100.6 million worth of Ethereum shorts were liquidated, marking a significant market shift. Ethereum reached a year-to-date high of $3,825 on Coinbase, surpassing $3,800 for the first time since December 2024, with a 50% increase over two weeks. Its market cap now exceeds comp...
According to data from CoinGlass, Ethereum (ETH) shorts worth $100.6 million have been liquidated in the past 24 hours, signaling a significant shift in market dynamics. Earlier on Sunday, ETH reached a new year-to-date peak of $3,825 on Coinbase, crossing the $3,800 mark for the first time since December 2024. This surge represents a more than 50% increase in just two weeks, elevating ETH's market capitalization above established giants like Costco, Johnson & Johnson, and Palantir.
The ETH/BTC trading pair has also climbed to 0.031 BTC, the highest point since January, though Ethereum remains 23.2% below its all-time high of $4,878 set over three years ago. This bullish momentum is supported by strong whale activity; a newly created wallet recently staked 4,200 ETH, worth roughly $16 million, while another whale utilized 50 million USDT to acquire nearly 13,500 ETH tokens. Such movements suggest ongoing confidence among large investors.
Additionally, the rise in Ethereum holders to new peaks underscores broadening interest and adoption. Meanwhile, an “Ethereum killer” altcoin, previously fading from investors’ attention, has started gaining traction again, indicating shifting sentiments within the altcoin space. This resurgence highlights the dynamic interplay and evolving competition in the cryptocurrency market.