- Ethereum reached its eight-month high of $1,800 on Tuesday.
- The global crypto market cap increased by 1.49% in the last 24 hours.
The first altcoin, Ethereum (ETH), continued to surge in price over the past week. The trading price of ETH has increased by 3.75% in the last 24 hours. Moreover, it reached an eight-month high on Tuesday. At the same time, the global market cap also surged over 1.49% in the last 24 hours, with a total market volume of around $1.18T.
The continuous bank collapse affected the crypto market a lot. The world’s largest cryptocurrency, Bitcoin, also struggled to surge in the aftermath of the Silicon Valley Bank collapse and the Federal Reserve’s increase in interest rates. Even though the total crypto market went down, Ethereum outperformed many crypto assets and stocks with a 49% quarterly increase.
Ethereum Managed to Survive the Battle
Bitcoin and other major cryptocurrencies’ prices continue to fall after the sudden collapse of SVB on March 10. Ethereum managed to get through the battle and continues to surge in price.
The crypto market bounces back after the SVB, the Federal Bank announces an increase in the interest rate, which caused some damage to the crypto space. However, nothing stops the bullish mode of Ethereum. As a result, the bullish momentum made an unexpected return in the ETH’s price. At the start of the week, ETH’s price was low at around $1,770, but today it climbed to cross the $1,800 threshold.
At the time of writing, the Ethereum price is around $1,868 with an 8.5% price surge in the past seven days, according to CoinMarketCap. If the bullish trend continues, the trading price of ETH may reach the $2,000 mark sooner.
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