The cryptocurrency market has seen a notable recovery since the start of the week, with most cryptocurrencies trading in the green. The second largest cryptocurrency on the market, the Ethereum (ETH), emerged as a prominent beneficiary with interesting gains in the last day, increasing its value by more than 9% in just 24 hours.
In a notable development in light of the market recovery, the Ethereum cryptocurrency showed a significant rise, managing to surpass the US$3.700 threshold, suggesting a potential upward momentum for the largest altcoin.
Cryptocurrency analytics platform Santiment noted that ETH reached a level not seen since March during the cryptocurrency's bull run. The analysis highlighted that Etheurem tokens were moved, on April 8, at the highest profit versus loss ratio of the year.
“Ethereum market cap has jumped an impressive +9,2% in the last 24 hours, surpassing $3.700 for the first time in over 3 weeks. The market cap to realized value indicated that traders made considerable average losses from April 2nd to April 7th, indicating that there was an opportunity to buy $ETH with little risk during this window. Now that the second market cap asset has surpassed the crypto pack, coins are being moved onchain today at the highest profit versus loss ratio of the year,” he wrote.
📈🤑 #Ethereum's market cap has jumped a whopping +9.2% in the past 24 hours, crossing $3,700 for the first time in over 3 weeks. The @santimentfeed Market Value to Realized Value indicated traders were averaging sizable losses from April 2nd to April 7th, indicating that there… pic.twitter.com/oEOFdubTBm
- Santiment (@santimentfeed) April 8, 2024
It is worth remembering that the recent high considerable increase in the price of the ETH token happened in the face of a notable influx in its trading activity. At the time of publication, the ethereum price it was quoted at US$3.635,32 with an increase of 0.2% in the last 24 hours. In its weekly development, ETH price achieved a significant recovery and increased by 9.3% in the last seven days.
