As bitcoin struggles to recover from Sunday’s slump, Ethereum has not only made up for its losses, but has also set a new historic record.
It took Ethereum less than a week to break its historic record. The second largest cryptocurrency in market value jumped more than 10% on a 24-hour scale and peaked at $ 2,570.
Over the weekend, the entire crypto market suffered declines and saw $ 360 billion evaporate from market capitalization.
Ethereum was no exception. It fell just after its $ 2,550 record and plunged $ 600 to a minimum of $ 1,950.
Most of the market has been fighting since then, but not Ether. The cryptocurrency recovered all losses and jumped to a new record of more than $ 2,570 (on Bitstamp) minutes ago.
This appreciation of ETH pushed the market dominance well above 14%, as the asset’s market capitalization approached a significant milestone – US $ 300 billion.
Ethereum bears have suffered in the past few hours after the impressive climb of the second largest cryptocurrency.
Bybt data shows that more than $ 21 million was paid in the last hour for ETH alone. The figure goes to $ 40 million in the past 4 hours and $ 170 million on a 24-hour scale. In a somewhat expected way, most of these settlements are for short positions.