The second largest cryptocurrency in the world Ethereum (ETH) for the first time after The Merge managed to climb more than 12% at the price level of $1,500 while the crypto market cap gained $50 billion with a jump of 6%.
It was explained that the ETH whales wallet turned active after six years of silence by transferring more than $20 million.
As proof, the whales moved 15,000 ETH to an empty wallet while the digital asset was trading in the $1,483 zone and had a market capitalization of $181.7 billion.
Although ETH has experienced strong selling momentum in recent times, yesterday's price recovery has resulted in ETH having $800 million in short liquidations*.
*When the price of a crypto asset falls, the trader's leveraged position is forced to close, due to insufficient margin to cover the loss
The surge in prices is also due to the positive recovery in the United States (US) equity market.
In fact, ETH also showed a positive correction as a result of the S&P 500 gaining 1.63%.
On different sources, Cardano (ADA) and Dogecoin (DOGE) also made drastic price increases with Bitcoin (BTC) climbing 5% past the $20,000 price level.
