Ethereum Surges 19% in a Week
Date: 2024-01-13 Author: Dima Zakharov Categories: BLOCKCHAIN
Ethereum, one of the leading cryptocurrencies, made headlines this week as its price skyrocketed by 19% within just seven days. On January 12, 2024, Ethereum hit a milestone by reaching a price of $2,700, according to data from TradingView. This price surge generated significant excitement in the cryptocurrency community.
However, Ethereum's rally was short-lived, as it quickly retreated from this level, currently trading at $2,659. Although it failed to hold the $2,700 mark, the overall weekly gain of 19% was remarkable. Ethereum's price had not seen such highs since April 2022.
The cryptocurrency's performance extended beyond USD valuation, with Ethereum/BTC trading pair on Binance reaching a level not seen since October 2023, standing at 0.5969 BTC. This surge in Ethereum's value against Bitcoin also contributed to the excitement surrounding the cryptocurrency.
The volatile price movements of Ethereum led to a wave of liquidations in futures contracts, resulting in losses of approximately $41.29 million, as reported by CoinGlass. Interestingly, both long and short contract traders were equally affected by these fluctuations.
One potential driving force behind Ethereum's price surge is the anticipation of the approval of spot ETFs (Exchange-Traded Funds) based on the asset in the future. Some experts believe that this approval could occur in 2024. Their optimism is partially fueled by the recent approval of spot Bitcoin ETFs on January 10, 2024, setting a positive precedent for cryptocurrency ETFs.
