On February 16, the World’s second-largest crypto by market capitalization saw a significant favorable market movement.
After failing to retain the $1,500 resistance earlier this week, Ethereum picked up the pace on Thursday. The asset gained over 14% of value in the last couple of days, and in that timeframe rushed through several resistance zones like it was nothing.
At its highest point during the rally, Ethereum reached $1,715 — which is its highest price since October of 2022.
The 24-hour trading volume also increased exponentially during the last week. On the 14th, Ethereum was seeing around $4.8b in its daily volume, but for the past couple of days, got as high as $13.7 billion.
This surge in volume that the asset saw an extremely favorable market sentiment, and that buying pressure completely outclassed sellers.
Meanwhile, Ethereum’s biggest competitor in the crypto market also saw plenty of positive results. Bitcoin surged by over 12% in that same time frame and reached the $25,000 level for the first time in 8 months.
What Caused The Rally?
The recent frenzy in the world of cryptocurrency is believed to be triggered by a recent report from the Wall Street Journal highlighting Binance’s ongoing legal dispute with the U.S. government over sanctions.
On that report, a spokesperson for the world’s leading crypto exchange claimed that the company is ready to face financial penalties, and is excited to come to an agreement with the Securities and Exchange Commission.
The last week showcased several reports of new crypto regulation. These reports created a growing concern in potential investors that crypto could be in the cross-eye of the SEC.
However, this most recent settlement by Binance was enough to make the cryptocurrency market take a breather, following a series of negative news.
