Ethereum rose by 8.8% in the past 24 hours, surpassing $3,000 for the first time since early February. This move comes after the largest single day of inflows into U.S. Ethereum ETFs worth $383.1 million, according to Far,,side data.
As the price of $ETH rises
, short-selling positions in Ethereum worth $258.6 million were liquidated in the past 24 hours, according to CoinG,,lass data. Ethereum is still down 38.3% from its all-time high of $4,878 recorded in November 2021.
This move reflects somewhat negative sentiment towards Ethereum. Predictors on Myri,,ad Mar,ket believed there was nearly a 50% chance that the cryptocurrency would drop to $2,000 before reaching $3,000 earlier this month, as $ETH hovered around $2,500. From Tuesday, these odds began to widen before reaching 100% early Friday.
The Ethereum treasury company, Shar,,pLink Gam,,ing, $ETH , after purchasing more tokens on Tuesday. The value of this stock is now $618,403,128, an increase of 17% since Tuesday.
Pankaj Palani, CEO and co-founder of the futures and options application De,,lta Exch,,ange, stated in a joint memo: "Ethereum's breakthrough above $3,000 and its temporary outperformance over Bitcoin in futures volume of $62.1 billion reflects an increased appetite for risk and expanded trader interest in ETH derivatives."
On Thursday, Bitcoin achieved a new record level exceeding $116,000, then on Friday morning it rose further to reach $118,667.
As a result, short-selling positions in Bitcoin worth over $678 million were liquidated. In total, according to Coin,,Glass, short-selling positions worth over $1.14 billion were liquidated in the cryptocurrency market.
Now predictors on Myr,,iad M,,arket are looking for a valuation of $125,000 for Bitcoin with 67.5% of users believing it will happen before a drop to $105,000.
Raj Karkara, COO of the cryptocurrency exchange Zeb,,Pay, stated in a joint memo: "Ethereum's rise of [8.8%] to a five-month high of $3,014 highlights that this is not just a Bitcoin-led rally. Both assets are moving in harmony, feeding renewed optimism across the cryptocurrency landscape. The strength of Bitcoin and Ethereum together suggests broader market alignment and paves the way for accelerated adoption and deeper integration of cryptocurrencies into the global financial system."
Other prominent projects also saw gains as the entire cryptocurrency market rose by 2.4%, according to Coin,,Ge,cko. XRP rose by 8.6%, Dogecoin by 10.2%, and Cardano by 15.8%. #BTCBreaksATH #ETHBreaks3k #ShariaEarn #TrendTradingStrategy #FOMCWatch