Ethereum (ETH) is temporarily testing the $5,000 level today and continues its recent strong uptrend.
At the time of writing, ETH traded at $4,470.96, up 4.12%, bringing its market capitalization to $53.992 billion. This level is just 8.05% off the all-time high of $4,891.70 recorded in November 2021.
A chart showing rise in ETH prices.
Market data shows that 24-hour trading volume rose 7.59% to $161.06 billion, and public interest on futures rose 5.38% to $61.34 billion. Over the past 24 hours, a total of $420 million positions have been settled in the Crypto market. The $156.35 million of this came from Ethereum and was $55.76 million from Bitcoin.
One of the key factors behind the surge was the major acquisition plan of Bitmine Immersion Technologies (BMNR). The company announced today it plans to sell up to $20 billion worth of shares to increase its holdings of Ethereum. Bitmine’s current ETH Holdings is 1.15 million ETH (approximately $4.96 billion), equivalent to approximately 1% of total circulating ETH supply.
Chaired by well-known investor Tom Lee, Bitmine aims to own 5% of the cyclical ETH in the long term. The strategic goal was to raise the company’s shares more than 14% on Monday, with the share price rising more than 600% since the start of the year.
*This is not investment advice.
