Ethereum (ETH) values are surging, and it saw $700 million in short liquidations over the last 12 hours, courtesy of massive Ethereum whales’ activity. The crypto sector boomed and surged by 6%, adding $50 billion to the market cap. The biggest gainer was ETH which surged by a massive 12% and breached the psychological resistance level of $1500.
Ethereum Whale Activity Boosts ETH Values
When reports last came in, Ethereum was changing hands at $1,534.13 and had a 24 hrs high of $1,542.35 and a low of $1,347.16. ETH market cap stood at $1,347.16 and the circulating volume at $38,630,385,395.
There has been increasing Ethereum Whale Activity. For the first time in six years, an Ethereum whale wallet became active and transferred more than $20 million in value, which translates to 15,000 ETH to an empty wallet as per data obtained from on-chain data provider Santiment.
It has been ages since the number two crypto asset started to surge and trading near $1200 bowed down by selling pressure. However, yesterday’s short squeeze led to more than $800 million in quick liquidations in the market in the last 24 hours. Most of these liquidations happened just in the previous 12 hours.
The correlation between S&P 500, which gained more than 1.63%, and ETH values and a broader crypto sector’s bullish sentiments cannot be better explained. The strong rally in the US markets also positively impacted the crypto sector.
As per data provider Santiment:
“Ethereum has surged to $1,415 on a breakout Tuesday for #crypto. The #Dollar value has dropped fairly notably today, and its growth coming to an end (or at least a pause) would be a key component to the next breakout of #cryptocurrency market caps.”
Along with Ethereum, other significant crypto assets are also showing big gains, including Cardano (ADA) and Dogecoin (DOGE). BTC and Doge are both surging, and the news that Twitter will launch its Wallet has helped these two crypto assets to rise in value. DOGE is making solid gains, and BTC has already breached the $20K mark.
Along with Ethereum, other cryptocurrencies with double-digit percentage gains. Here’s why Dogecoin is making solid gains in this rally. Bitcoin (BTC) is up 5% and has moved past the $20,000 level.