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Weekend Recovery Sees Ether Outperform Bitcoin as ETH Gains 5%

By:
Varuni Trivedi
Updated: Mar 21, 2022, 10:09 GMT+00:00

On March 18, bitcoin and ether welcomed a much-awaited bullishness as the coins' price spiked above their crucial resistance marks.

Weekend Recovery Sees Ether Outperform Bitcoin as ETH Gains 5%

Key Insights:

  • BTC and ETH noted 3% and 5% gains in the last 24 hours.
  • The market eyed a quick recovery for ether as network activity picked up.
  • ETH’s recent price action outpaced BTC.

A wave of bullishness swept the market as the top two cryptocurrencies – BTC and ETH, finally noted decent gains. Of late, weekends have approached the crypto market with high volatility and generally downhill price movement. This Friday, however, came as a relief to most crypto traders and investors who anticipated an uptick for quite some time.

Much-Needed Breather

Bitcoin (BTC) saw upward price action during the late hours on March 18, as the coin briefly traded above $42,300. Similarly, ether (ETH) traded as high as $2940 as bulls expected the top altcoin to reclaim the $3000 mark.

On March 16, after BTC’s price moved above the $40,000 mark, the coin’s trading volume across exchanges declined. Data from Santiment highlighted that bitcoin’s rise to $42.3K on Friday was propelled by plenty of short liquidations. Excess short liquidations often coincide with price gains, as seen below.

FXempire, BTC, Crypto, ETH
BTC Shorts Liquidated | Source: Santiment

Notably, BTC funding rates continued to provide a good insight into how traders place their bets. Funding rates are periodic payments either to long or short traders based on the difference between perpetual contract markets and spot prices.

After the recent price uptick, the average funding rate, or the cost of holding long BTC positions in the perpetual swaps market’s perpetual futures, noted higher values. The rise in funding rate could reflect possible bullish sentiment.

While BTC saw its bullish turn in price over the day, at press time, the price was back to $41,788.60, noting a 3.42% rise in 24-hours.

FXempire, BTC, Crypto, ETH
BTC Price Action | Source: FXEmpire

Ethereum Leading the Rally

While BTC’s recent upswing was notable, ether was the standout in price gains among the top ten cryptocurrencies. ETH climbed 5.36% in the past 24 hours, trading at $2,957, just shy of $3,000.

Data from Santiment presented that ETH was back above $2,900 for the first time since March 2 as whale transactions noted a significant uptick. That said, March 18 was the first day with over 7,000 $100K+ transactions on the ETH network since the Russia-Ukraine news broke.

FXempire, ETH, Crypto, ether
ETH Whale Transaction Count | Source: Santiment

The rise in network and whale activity could lead to a much-awaited price recovery for ETH. ETH’s recent price upswing outpaced BTC’s price uptick in the last day, looking at the technicals.

About the Author

A Journalism post-graduate with a keen interest in emerging markets across South East Asia, Varuni’s interest lies in the Blockchain technology. As a financial journalist, she covers metric and data-driven stories with a tinge of commentary, and strongly believes in HODLing.

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