Ether recovery helps crypto retake $1 trillion market cap level

Ether reached its highest level in 10 days on Sunday as the market showed some signs of stabilization.

The No. 2 cryptocurrency advanced as much as 3.9% to $1,255.48, and has rallied 38% over the past eight sessions after briefly dropping to about $900. It appears to have found support around its 200-week moving average, which currently sits near $1,200.

No. 1 Bitcoin has gained about 20% in that eight-session stretch and rose as much as 1.7% on Sunday. Overall crypto market capitalization retook the $1 trillion level on Saturday, according to data from CoinGecko.

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Ether “is leading the way following sizable short liquidations,” Fundstrat said of the crypto rally in a note Friday. Data from CoinGlass show there were about $60 million of short liquidations in Ether on Friday, the most in five days.

Cryptocurrencies have suffered this year amid Federal Reserve rate hikes and stubbornly high inflation. Ether is still down more than 60% this year, even after rallying from its extreme lows.

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A major options expiration on Friday had been watched as a potential source of volatility. However, “short risk cleared surprisingly efficiently” for Ether amid “perhaps unexpected stability,” Genesis Trading’s Ainsley To, Gordon Grant and Noelle Acheson wrote in a note.