Ethereum has outpaced Bitcoin in daily growth rate

Ethereum's “crazy candle” surprised even experienced traders and market experts

Last week, Ethereum prices rose by 18.8%, reaching levels above $2,300. Bitcoin confidently held above $103,000.

Among the top 10 cryptocurrencies by market capitalization, Ether showed the best performance. Crypto traders have already called the asset's daily candle “completely insane.”

The liquidation volume over the day totaled nearly $880 million. Of that, $344 million came from Bitcoin, and $289 million from Ethereum.

According to Selwix experts, the movement of digital gold above $99,000 was mainly driven by the closing of short positions. Our analysts linked Ethereum’s momentum to the opening of new long positions in the asset.

The market was also positively influenced by several favorable events for digital assets. These included the trade agreement between the US and the UK, as well as Coinbase’s acquisition of the Deribit options platform for $2.9 billion.

As known, on May 7, the Ethereum mainnet underwent the Pectra hard fork. The largest update in terms of the number of proposals included a series of improvements aimed at enhancing the blockchain’s usability and efficiency. After the upgrade, the network began burning ETH more rapidly, and the annual deflation rate reached 1.2%.

Overall, we are seeing very encouraging figures and a general market revival, which means it’s a great time to increase your profit together with Selwix!

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