Currently, the cryptocurrency market is experiencing a widespread surge. The main affecting factor is the U.S. federal judge’s ruling regarding XRP. The judge considered that, in certain contexts, security reverberates through the industry. The bullish momentum has propelled Ethereum, the second-largest cryptocurrency by market capitalization, above the $2,000 mark for the first time in over two months.
Ethereum reached a high of $2,009 earlier today, according to data from CoinGecko, before slightly retracing to its current price of $1,985 at the time of writing. This represents a 5% increase over the past 24 hours and a 14% gain over the last month.
CoinGecko data confirms that Ethereum’s last venture above $2,000 was on May 5. Although the cryptocurrency briefly surpassed $2,100 in April, it has predominantly remained below the $2,000 threshold for the past 11 months.
Despite today’s climb, Ethereum is still down 59% from its peak price of $4,878, reached during the cryptocurrency market’s pinnacle in November 2021.
Ethereum’s Price Reaches Milestone as Market Embraces Positive Sentiment
The positive impact of the XRP ruling extends beyond Ethereum, with other cryptocurrencies also benefitting significantly. XRP itself has seen an 81% surge over the past 24 hours. Altcoins like Solana, Polygon, and Cardano have recorded double-digit gains, with Cardano and Polygon both rising by approximately 20%. In contrast, Bitcoin has only experienced a 2% increase today but briefly reached $31,444, its highest price in over a year.
The overall cryptocurrency market is reflecting the positive sentiment, with a 5% increase over the past 24 hours, as reported by CoinGecko.
Cryptocurrency Community Analyzes Investor’s Actions Amidst Ethereum’s Price Stability
In a separate development, the prominent exchange Binance by a major investor known as the “0x882E” address made a significant withdrawal of 7,000 ETH. The crypto intelligence portal Lookonchain reported the occurrence recently. This withdrawal is estimated to be valued at around $13.2 million. It followed a series of substantial transactions by the same investor since June 8, totalling a staggering 57,100 ETH or $108 million. Notably, a significant portion of these assets, 36,640 ETH worth $69 million, has been staked by the investor. Therefore, it led to speculation about their involvement in supporting the Ethereum network’s infrastructure.
While withdrawals of this magnitude often signal bullish sentiment, Ethereum’s price has not shown extraordinary movements despite these significant transactions. The motives behind the investor’s actions remain unclear, leaving the market uncertain whether they anticipate a price surge or are following a long-term investment strategy.
