Fri, November 8

Ethereum Surpasses $2000 Mark; Bullish Momentum to Continue?

Ethereum Surpasses $2000 Mark Altcoin News
  • The price surge marked a new high for the cryptocurrency in the last three months. 
  • Despite today’s increase, Ethereum’s price is still 59% lower than its all-time high.

Following a judgment by a U.S. federal court that XRP should not be deemed a security in some contexts, the larger cryptocurrency market is nearly uniformly green today. This upswing has pushed Ethereum, the second-biggest cryptocurrency by market size, back over $2,000 after a two-month absence.

The price of Ether (ETH) has risen past $2,000, marking a new high for the cryptocurrency by three months. During the Asian morning hours, the second biggest cryptocurrency by market size rose 7.4 percent, reaching $2,010 in value.

Altcoins Rally

Following Thursday’s Ripple-SEC verdict, the value of a number of layer-1 tokens rose by double digits, including Solana’s SOL, which has been labeled by the SEC as being a security.

The Lido DAO governance token (LDO) has also increased by 25% in the last day. In addition, Bitcoin (BTC) surpassed its yearly high, with prices reaching $31,424. At the time of writing, Ripple’s XRP had risen by 64%, trading at $0.779 cents.

Coinglass reports that in the previous 12 hours, cryptocurrency traders have closed short positions totaling $203 million. May 5 was the last day Ethereum traded for more than $2,000, according to data from CoinGecko. There were two short occasions in which Ethereum’s price was over $2,100 in April, but otherwise, ETH has been below $2,000 for the last 11 months.

Despite today’s increase, Ethereum’s price is still 59% lower than its all-time high of $4,878 reached in November 2021, when the cryptocurrency market peaked.

XRP’s own price has rocketed by 81% over the past 24 hours, and Ethereum is likely to follow the momentum and maintain a base above the $2k mark.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.