Cryptocurrency Market Cap returns to $1 Trillion after Ether Recovery

• Image Credit: Internet

• Jun 27, 2022 | Kabir Chakraborty

In a note published on Friday, Fundstrat stated that Ether "is leading the way following significant short liquidations." The greatest short liquidations in Ether since five days occurred on Friday, according to data from CoinGlass, totaling nearly $60 million.

Digital Desk: On Sunday, when the market began to show
some signs of stabilisation, Ether and Bitcoin reached their highest values in
ten days.

The second-ranked cryptocurrency rose as much as 5.8% on
Sunday to $1,279.06 before declining on Monday am, Asia time. 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.

After
tumbling as low as $17,742.83 on June 19, Bitcoin No. 1 reached a high of
$21,860 on Sunday. According to data from CoinGecko, 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.

mso-fareast-font-family:"Times New Roman"">In a note published on Friday,
Fundstrat stated that Ether "is leading the way following significant
short liquidations." The greatest short liquidations in Ether since five
days occurred on Friday, according to data from CoinGlass, totaling nearly $60
million.

mso-fareast-font-family:"Times New Roman"">In this year's environment of
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.

mso-fareast-font-family:"Times New Roman"">The Friday major options expiry had
being kept an eye on as a possible cause of volatility. But 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.

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