Ethereum's recent surge has become a significant event for the cryptocurrency market, triggered by short liquidations and increased demand.
Ethereum Market: Short Liquidations and Sharp Rise
Ethereum hit its peak of $3,775 on July 21, resulting from the liquidation of over $100 million in shorts within 24 hours, according to Coinglass data. This sharp increase reflected a reactivation of demand after months of stagnation.
Ethereum's Influence on Other Altcoins
The growing interest in Ethereum has also positively affected several altcoins like Snorter Token ($SNORT) and Bitcoin Hyper ($HYPER). These projects capitalized on Ethereum's rise to attract investors and increase their assets.
Market Predictions and Overview
Ethereum shows a sustained movement towards a potential $4,000 mark, and a break of key resistance levels could indicate further market growth, including for altcoins. Notably, the Ethereum network has reached a record number of active wallets, totaling 152.03 million.
Ethereum's rise not only strengthens the cryptocurrency itself but also significantly impacts other projects within the cryptocurrency ecosystem, creating opportunities and risks for investors.
