CRYPTO NEWS

Your favorite crypto news blog

Ethereum Erupts 10% to $250 on the Back of Millions in Liquidations

Altcoins 2020/06/02 01:32 by Nick Chong

Like Bitcoin, minutes ago Ethereum saw a strong surge to the upside. After rallying in excess of 15% over the past week, the second-largest cryptocurrency saw a 10% rally over the past few hours, reaching as high as $251. This is the highest price ETH has traded at since March 7th, just days before the capitulation that brought Bitcoin to $3,700 and ETH to $88. Ethereum price chart from TradingView.com Like with the Bitcoin surge, few investors expect this upswing in the value of Ethereum. Skew.com, a crypto derivatives tracker, has found that approximately $500,000 worth of ETH short positions were liquidated on BitMEX alone. Though this $500,000 adds to the millions of liquidations that have taken place over the past three days. The altcoin saw fewer liquidations than the Bitcoin market because it is relatively small. Also, ETH was already showing it had an upward skew prior to this latest jump higher, meaning traders were largely prepared. More Upside In the Works for Ethereum As Bitcoin just passed $10,000, all eyes are currently on the foremost cryptocurrency. Fortunately for bulls, most analysts believe that more upside is in the works for BTC, and, as a result, ETH should move higher as well. Galaxy Digital co-founder and CEO Mike Novogratz recently said the following: “$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it’s the opposite of balanced. When 10k goes it will move fast. Get on the train,” Novogratz said. Others shared this position. A prominent crypto trader shared that as it stands, there are few asks (sell orders) on BitMEX for Bitcoin, showing that bulls mean business and bears are hesitant to interrupt. Update: a prominent Wall Street investor and analyst is expecting Ethereum to outperform. He wrote shortly after the breakout in reference to the chart below: It even looks like Ether will outperform Bitcoin at some point (no position yet). It even looks like Ether will outperform Bitcoin at some point (no position yet). pic.twitter.com/nMg1Qer0IB — Raoul Pal (@RaoulGMI) June 2, 2020 Featured Image from Shutterstock

0 Like(s)

You should also read...

Altcoins 05/12/19 00:00 by Tony Spilotro

Ethereum Fractal Suggests Altcoins Could Soon Outperform Bitcoin

Throughout 2019, altcoins like Ethereum, Ripple, and others, have grossly underperformed next to Bitcoin, sans a few outliers like Chainlink, or Binance Coin, who had breakout years themselves in 2019...
Read More

Altcoins 10/12/19 20:00 by Tony Spilotro

Room To Fall: Ethereum May Be Down 90% But ICO Investors Are Still Up Over 400x

The price of the second-largest cryptocurrency by market cap, Ethereum, may be down as much as 90% from its all-time high price of over $1,400, but ICO investors are still up over 400x on their initia...
Read More

Altcoins 01/12/20 22:00 by Cole Petersen

DeFi “Blue-Chips” Lead Sector Rebound as Smaller Tokens Underperform

The DeFi sector has been on the up and up throughout the past few weeks, with the post-Summer downtrend first reversing earlier in early-November when Yearn.finance’s YFI token bottomed out at $...
Read More

Altcoins 19/01/21 13:05 by John Kiguru

Ethereum Takes Spotlight Away From Bitcoin As It Finds All-Time High, But Can It Double That?

Ethereum has in the last 24 hours made a stride that has left it an inch away from reaching its ATH. With the breakout looking stronger than ever, the coin is set to discover a new high with most ana...
Read More

Altcoins 19/02/21 13:58 by Yashu Gola

Binance Coin Spikes 100% After Threatening Ethereum’s Dominance

This week, transaction fees on the Ethereum blockchain grew to a level that made the decentralized applications (dapp) operating atop it practically unusable. In some cases, transferring as little as ...
Read More