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The world's most popular crypto is being outdone by its second closest competitor in recent weeks. Ethereum is up about 54% over the last month, ahead of bitcoin's 10% gain.
Here's what's behind the rally in the world's second-largest cryptocurrency.
The Ether Machine, another crypto treasury firm, said on Wednesday that its total ethereum holdings had climbed to $56.9 million.
"Those vehicles are out there buying ethereum. And so that could also be additional buy-pressure that's moving up the price," Shapiro said.
Shapiro isn't certain that the momentum will last for ethereum. He believes much of the hype for the coin in recent weeks has to do with excitement and uncertainty over ethereum's potential catalysts.
The crypto's rally could lose steam once more regulatory details are solidified, he said. He pointed in particular to the CLARITY Act, the crypto market structure bill that's awaiting approval in Congress.
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#EthereumTurns10 #ETHCorporateReserves #PortalLatino !!Ethereum is on fire! 🔥 Buying opportunity? 🚀
👽✌🏻 Analyzing the liquidation heat map and recent volatility. 🧐
Attention, trading community! 📣 Ethereum has given us an interesting opportunity, but it's crucial to understand what's happening. 🤔
🔖Recently, we saw a strong movement in the market. 📉 On July 31, there were $100.57 million in long liquidations 🔴, indicating that many traders with leveraged buy positions were forcibly closed due to the price drop. 💥
Analysis of Recent Volatility
🔖However, the volatility didn't stop there. 🌪️ Today, August 1, long liquidations skyrocketed to $201.13 million 🤯. This spike shows us that the market is in a moment of high tension and that the price is at a key point. 🔑
🔖Additionally, the Binance chart shows a 3.67% drop in the price of Ethereum in the last 24 hours, reinforcing the idea of the high volatility we are experiencing. 📈
What does this mean for us? 🧐
🔖The sharp drop and high volume of long liquidations we saw in the last two days may be a sign that the market is at a turning point. 📈 For some, this could be the time to consider a long position 🟢, as the price may have hit a temporary bottom. 🧘
But remember, trading is risky! ⚠️ It's essential to do your own research 📚 and not make impulsive decisions. 🙅♂️
Don't forget: Claim your rewards in Ethereum in the quiz! 🎁💰
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Recently, I saw a shocking detail — Binance has now obtained compliance licenses or registrations in over 30 countries/regions, and not just for virtual asset service providers; many payment-related compliance processes are also underway. 🧾 Recent examples from the last few weeks: Kazakhstan, Canada, Nigeria, Binance has taken action in all these places; Compliance account upgrade notifications for European users are also being sent out one after another; The wallet has quietly launched KYC binding and identity verification modules. To be honest, who cared about compliance in the early days of the crypto world? But now, large funds and institutions are watching this matter closely. Those who can withstand regulation are the ones who can go further. I myself have started to concentrate some long-term positions in Binance, not because they offer a lot, but because they are stable. 📢 What do you think about “compliance”? Do you care about the compliance capabilities of trading platforms? Leave a comment to discuss ~ #币安新闻 #Alpha2.0爆款冲击
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