The price of Ethereum is gaining momentum, Bitcoin is also gaining momentum

In the second fortnight of May, there was a lot of volatility in the cryptocurrency market. Now the market has started stabilizing. This is the reason why Ethereum registered a rise of up to 8 percent on Monday. On Monday, its value reached $2,587 (about Rs 1.88 lakh) after gaining 8 percent. Although the price did increase, it remained 40 percent less than its record high price of $ 4,300 (approximately Rs 3.12 lakh).

At 5:23 pm (IST) this cryptocurrency was trading at $2,565.69 (approximately Rs 1.8 lakh). At the same time, Bitcoin, the world’s largest digital currency and the biggest rival of Ethereum, also registered a growth of 3.7 percent and it reached $36,977 (about Rs 26.8 lakh).

Although the price of bitcoin has been less volatile in the past few days, it was down 35 percent in May. The reason for this is also increasing regulatory pressure on this market.

The latest positioning data over the weekend of May 25 confirmed that net short positions doubled compared to the previous week. But this net short is the smallest net short after the month of March. China had recently banned the mining activities of crypto. In this episode, the most recent statement on the market came from Bank of Japan Governor Haruhiko Kuroda, who said that this trade has been risky most of the time.

Currently, bitcoin is trading at half its price from its all-time highs. The level at which this cryptocurrency was trading in the month of February is currently trading at the same level. Whereas in the month of April its record level was at $ 65,000 (about Rs 47.2 lakh).

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