Ethereum strengthened its position over the weekend, trading above $1600
According to TradingView, the price of Ethereum's own token continued to rise over the weekend, trading above $1,600 for most of Sunday. The value of the coin has increased by about 48% in the last 10 days, while other coins have grown more slowly, and bitcoin has grown by only 15%.
The coin rose about 4% on Sunday afternoon, continuing the rally that began in mid-July. It has grown by about 6% in the last 24 hours. After the bottom slightly exceeded $ 1,000, the price of the coin increased by more than 40%.
"Ethereum continues to outperform other cryptocurrencies," hedge fund LedgerPrime said in a market commentary sent to counterparties. It seems that ETH formed a base above the level of $ 1.5 thousand, where it began a new growth and rose within a week to $ 1.65 thousand, where significant resistance was found."
It is worth noting that Ethereum is not the only cryptocurrency that has grown recently. Some of its competitors, in particular Solana (SOL) and Polygon (MATIC), have also grown by 4.1% and 5.7% respectively in the last 24 hours.
In general, the market has grown by about 19% over the past ten days, and the total market capitalization has again exceeded the $1 trillion mark.
Bitcoin has developed at a slower pace than Ethereum, increasing by about 15% over the same period.
Ethereum's transition from Proof-of-Work to Proof-of-Stake is approaching. Cumberland, one of the leading market makers in the cryptocurrency market, said this week that institutional investors are increasing long positions in Ethereum.
"This step was crypto-fundamental: the Sepolia test network successfully merged with proof-of-stake on July 6, which paved the way for the merger of the main network in early autumn," Cumberland tweeted.
The value of Ethereum is still far from its historical high of about $4,800 last November. Since then, the coin's price has been declining, in parallel with other crypto assets, between June and May amid broader market turbulence.
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