Currently, ETH is just one step away from reaching an all-time high.
In recent months, everything seems to be turning in favor of Ethereum, with the asset once again achieving impressive daily gains, reaching a new high in years.
During the rise of ETH, short sellers could hardly believe their eyes as the total value of liquidated shorts soared to over $250 million within 24 hours.
It's hard to believe that just four months ago—in April of this year—Bitcoin, the world's second-largest cryptocurrency, was struggling to stay above $1,500. During the 'dark times' when Trump waged trade wars against almost every other country, Bitcoin hit its annual low.
However, the subsequent recovery has been impressive, especially the performance since early July. At that time, the price of ETH was below $2,500, but in the following month, it skyrocketed by over $2,000 and peaked a few hours ago (for now), reaching over $4,700 earlier today.
This means that Ethereum has risen nearly 250% since its annual low of about $1,400 in April. Therefore, today's surge to $4,720 is just 3.3% away from its all-time high (reported by CoinGecko as $4,878).
This significant price increase occurred after a substantial influx of funds into spot Ethereum ETFs in the U.S. and multiple companies launched ETH funding strategies and accumulated large assets.
Interestingly, reports continue to claim that retail investors are offloading their assets while institutions are ramping up their purchases.
Notably, today's surge resulted in a massive amount of liquidations, especially from shorts. Data from CoinGlass shows that over $250 million in short positions were liquidated in the past 24 hours. This is only part of Ethereum's total. The overall liquidation amount approached $500 million, meaning ETH accounted for over 50% of the share.
