Ether, the native token of the Ethereum network and the world’s second-largest cryptocurrency by market capitalization, broke the $3,000 mark for the first time since March 2, despite interest rate hike by the United States Federal Reserve (Fed).
With the exception of a brief spike above $3,000 early this month on the 2nd day of March and today’s big move to the upside, ether has mostly traded within the $2,400-$2,800 range during March.
Ether was trading $3,014, up over 20% in the last 7 days and over 5% in the last 24 hours. The token powering Ethereum’s blockchain has also broken out relative to the world’s largest cryptocurrency by market capitalization, bitcoin, which is up 3.8% on the day.
What you should know
The rally seen today in the market has pushed the cryptocurrency market capitalization above $1.9 trillion, aggressively heading towards the $2 trillion mark, a capitalization point it lost in February, according to CoinMarketCap.
As previously reported by Nairametrics, there has been a significant uptick in the accumulation of Ether from centralized exchanges.
According to data provided by Glassnode, an on-chain analytics software tracker, nearly 550,000 ETH, worth approximately $1.66 billion, using the current market price as of the time of this writing, have left centralized trading platforms YtD.
The massive outflow has reduced the exchange’s net-Ether balance to 21.72 million ETH, down from its record high of 31.68 million ETH in June 2020.
Also, to note, according to data from IntoTheBlock, over 30% of all Ether’s withdrawals from exchanges witnessed in 2022 appeared last week. In detail, over 180,000 ETH left crypto trading platforms on March 15, bringing the weekly outflow, worth to a little over $500 million as of March 18.
Chainalysis data report revealed similar readings, showing that Ether tokens could have left exchanges this week at an average of about 120,000 units per day, a bullish signal.
We are also seeing rallies in other altcoins in the top 20 with AVAX being the leader, as it has gained over 30% in the last 7 days. Cardano’s ADA also leads in terms of daily appreciation as it is currently bullish by over 6%.
Matthew Dibb, the COO and co-founder of Stack Funds told CoinDesk that, “We are seeing some strength in ETH, particularly relative to other assets in the ecosystem. ETH/BTC is now trading at around 0.07 again and will soon me meeting some short-term technical resistance at 0.072. The fundamentals for ETH are aligned for a move upwards, however a rally in ETH would also likely lead to an alt-wide rally across the board.”
The post Ether surges to $3,000 as broader crypto market rallies appeared first on Nairametrics.
