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The second most valuable crypto, Ethereum appears to have had a strong week: it reportedly rose by 10 percent, which puts at a 66 percent boost over the last one week.
Ethereum literally rose from US$1,225 to about US$1,280 in a little over an hour.
This move is remarkably close to a new all-time high. On January 13, 2018, ETH broke its previous US$1,432 record.
On the other hand, the rest of the industry is also doing well. Thanks to the success of Bitcoin, which remains at about $40,800 at the time of this publication. Furthermore, the worldwide crypto market cap reached $1 trillion for the first time earlier this week with the price of Bitcoin increasing by almost 25 percent.
Reason behind the Rise
~1.4MM ETH ($1.7B) long claimed on BitFinex. Was being built since Feb-March. Majority of the size was put on sub $200, over $1B in pnl.
Interesting time to close 1 month before CME futures and launch and below ATH but at $1200 level of interest. pic.twitter.com/ZUMmHyGvoq
— light (@lightcrypto) January 9, 2021
A great deal of speculation was made over a supposed demand by an Ethereum whale for a long role on Bitfinex of over $1 billion. Claiming a long position on Bitfinex means paying off all loans originally taken out in order to maximize ETH exposure and continue to retain the asset.
This means that the whale, whose abrupt dump could harm the economy, plans to preserve its ETH on the anticipation that the bull run will persist, according to some crypto analysts.
However Darius Sit, QCP Capital founder, claims the whale was “just taking profit,” and that he “wouldn’t read into it more than that.”
