Ethereum Surges past $2,600 Amid Bullish Market Trends
Ethereum has surged above $2,600, marking a critically important recovery from its recent downturn. The cryptocurrency has seen a 6% price increase, reaching a peak of $2,608.70. This bullish run is supported by a rise in trading volume and positive market signals.
At the moment, ethereum is trading at $2,590, showing a 5.54% increase over the past 24 hours. Despite a slight correction, it remains close to the $2,600 mark. The trading volume has jumped by 83.7%, reaching $25.4 billion, indicating heightened market activity.
Ethereum’s market cap now stands at $313 billion, up by 5.56%. The surge is driven by various factors, including macroeconomic indicators, institutional interest, and strong on-chain metrics.
One key driver is the weaker-than-expected U.S. payroll numbers.This has fueled optimism that the Federal Reserve might cut interest rates sooner, potentially lowering borrowing costs and boosting demand for riskier assets like cryptocurrencies.
While Ethereum ETFs have seen outflows of $1.82 million, the cumulative net inflow remains strong at $4.25 billion, according to SoSoValue.
Another factor is the recent Ethereum Community Conference. Co-founder Vitalik Buterin discussed the future of crypto and addressed issues of fake decentralization in the industry.
