The value of most cryptos has been trending lower given the price correction in the market. Ethereum, the largest altcoin on the market, has slipped 25 percent from the top at $2,130. The blow on 23 February raised the value of the digital asset to $1,348, but ETH’s price stabilised rapidly. It was trading at $1,614 at the time of publication.
The recovery painted a bullish picture for Ethereum despite the fall, particularly for the buyers. In order to fill their pockets, institutions have been capitalising on the short-term collapse of digital assets such as Ethereum and Bitcoin. According to reports, in the past day, when ETH’s price fell below $1400, Grayscale’s Ethereum Trust added more than 10,000 in the digital asset.
With this latest addition, its total Ethereum holdings reached 3.17 million ETH or $5.1 billion, at the current value.
The overall momentum in the Ethereum market has remained bullish, despite the recent downtrend in value. The second-largest digital currency has returned 118 percent to its investors year-to-date. Before reaching the ATH above $2k, the sharp declines seen on the market were only used by institutions and others as an incentive to buy more ETH.
The other exciting crypto investors are looking at, Ethereum has become. Users have been hoarding the digital asset, anticipating higher returns, with its price also noting a significant rise. Skew’s data highlighted that when ETH value drops, fewer liquidations took place, supporting the holding narrative.
Because of the launch of Ethereum futures by CME, the Ethereum market has also seen increased interest. On 22 February, when the prices plummeted, the platform noted record trading volume near $160 million.
As investor interest increased, the growing price of gas on the Ethereum network added to it. ETH fees peaked at $37.60 on Wednesday as the market retraced from $2k, which is the highest amount observed in nearly its 6-year history. Right now, interest may not be noticeably affected, but the high gas charges will continue to make ETH a rare digital asset for individual investors.
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