Ethereum

bullish

Bank

Bitcoin

<p>The total <a href="https://coinpedia.org/news/crypto-news-today-sept-20th-2024-bitcoin-price-hits-64k-is-this-the-start-of-a-bullrun/" target="_blank" rel="noreferrer noopener">cryptocurrency market</a> cap increased by over 2% in the last 24 hours, reaching around $2.3 trillion as of Friday. Ethereum (ETH) led the way among altcoins, with its price jumping over 5%. Ethereum’s fully diluted market value stands at approximately $306 billion, with daily trading volumes around $19 billion. It was trading at about $2,545 during the early European session on Friday.</p>   
<p>With this price surge, more than $28 million was liquidated from the Ethereum derivatives market, mostly affecting short positions.</p>   
<p>Why is the market turning around? Let's dive in. </p>   
<h2 class="wp-block-heading" id="h-factors-behind-ethereum-s-price-jump">Factors Behind Ethereum’s Price Jump</h2>   
<h3 class="wp-block-heading" id="h-rising-demand-from-whales"><strong>Rising Demand from Whales</strong></h3>   
<p>On-chain data from the past three weeks shows that more than 547,000 ETH, worth over $1.26 billion, was moved to various crypto exchanges. This came as U.S. spot Ether ETFs struggled to perform, keeping Ethereum in a bearish position.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/lookonchain/status/1836827682908078147?s=46 
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<p>However, in the past two days, there has been a shift. Large holders, or “whales,” have started moving again, with BlackRock’s ETHA leading the U.S. spot Ether ETFs with $5.24 million in cash inflows on Thursday. Notably, no U.S. spot Ether ETF recorded a net outflow that day.</p>   
<h3 class="wp-block-heading" id="h-fed-policy-boost"><strong>Fed Policy Boost</strong></h3>   
<p>The overall crypto market has also gained momentum due to the Federal Reserve’s move toward quantitative easing, marked by a <a href="https://coinpedia.org/news/bitcoin-hits-61k-as-fed-slashes-interest-rates-by-50-bps-after-four-years/" target="_blank" rel="noreferrer noopener">5-basis-point rate cut</a> on Wednesday.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/ali_charts/status/1836871414957412568?s=46 
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</figure>   
<p>Bitcoin has been driving the bullish trend, briefly surpassing $64,000 earlier today. This was further supported by the Bank of Japan’s decision to maintain its interest rates at 0.25%.</p>   
<h2 class="wp-block-heading" id="h-more-growth-ahead">More Growth Ahead? </h2>   
<p>From a technical standpoint, <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noreferrer noopener">Ethereum price</a> is likely to continue rising and potentially outshine Bitcoin ahead amid the ongoing crypto cash rotation favoring altcoins. Moreover, the ETH/BTC pair has significantly rebounded after dropping to a multi-year low earlier this month.</p>   
<p>Also Check Out : <a href="https://coinpedia.org/price-analysis/history-repeating-here-is-where-the-bitcoin-btc-rally-may-reach-this-christmas/" target="_blank" rel="noreferrer noopener">History Repeating: Here is Where the Bitcoin (BTC) Rally May Reach This Christmas&nbsp;</a></p>   
<p><strong>What are your predictions for Ethereum (ETH) in the coming months?</strong></p>

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