Ethereum’s outperformed BTC and saw a massive jump of 10.2% over the past week, trading above $2,600, while Bitcoin increased by mere 3.4%, hovering above $63,500.
The trading volume is expected to increase following a 50 basis point rate cut last week. Over the past week, Bitcoin has increased by 10%, while Ethereum has surged over 3%. Traders on the Poly market platform anticipate another rate cut, but opinions are divided on its magnitude: 47% expect a 50 basis point reduction, while another 47% predict a 25 basis point cut.
As per the recent data over the last 12 hours, there were more short positions liquidated compared to long positions, with $64.23 million in shorts and $54.42 million in longs being liquidated.
As of now, at the time of writing this article, ETH is trading around $2,615 and has a market capitalization of $314 Billion.