Hassan Maishera
TL;DR
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ETH hits a new all-time high of $4,953 on Sunday after rallying over the weekend.
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However, the market immediately reversed its gains, and ETH is now trading at $4,724 per coin.
ETH Approaches $5k as Whale Accumulation Continues
Ether, the second-largest cryptocurrency by market cap, hit a new all-time high of $4,953 on Sunday after rallying over the last few days. The rally began on Friday following Powell’s speech at Jackson Hole, as the Fed chair revealed a strong possibility of cutting the interest rate in September.
The news saw ETH rally over the weekend and hit a new all-time high of $4.953. However, the rally was short-lived as the market instantly reversed its gains.ETH is now down 1.6% in the last 24 hours and now trades at $4,724.
In addition to ETH, BTC, and other leading cryptocurrencies, recorded a sharp dump on Sunday. BTC dumped from the $114k zone to drop below $112k. It now trades at $112,337, down 2.2% in the last 24 hours.
Dogecoin was the worst performer among the top 10 as it lost 3.5% of its value in the last 24 hours. Thanks to the bearish performance, the total cryptocurrency market cap has now dropped below $4 trillion once again.
