Ether Recovery Helps Crypto Revisit $1 Trillion Market Cap Level

On Sunday, when the market began to show signs of stabilization, Ether and Bitcoin reached their highest values in ten days. The second number of cryptocurrencies increased 5.8% on Sunday to $1,279.06 before decreasing on Monday. After falling as low as $880.70 on June 18, the token has since rallied. Around its 200-week moving average, which is currently close to $1,200, it seems to have found support. Bitcoin Reached its Peak After hitting a low of $17,742.83 on June 19, the number one Bitcoin reached its peak on Sunday at $21,860. The total market value of cryptocurrencies retook the $1 trillion mark on Saturday. However, as of 9.20 a.m. Singapore time, on Monday, it was slightly below that level. In a note published on Friday, Fundstrat stated that Ether “is leading the way following significant short liquidations.” On Friday, Ether’s most significant short liquidations in the previous five days were recorded, totaling nearly $60 million. Federal Reserve Rate Increase In this year’s Federal Reserve rate increases and persistently rising inflation, cryptocurrencies have suffered. Even after recovering from its record lows, Ether is still down more than 60% for the year. On Friday, a significant option expiration may have caused volatility. However, despite “perhaps unexpected stability,” “short risk cleared fairly swiftly” for Ether, according to a note by Genesis Trading’s Ainsley To, Gordon Grant, and Noelle Acheson.The p...