The value of Ethereum (ETH), the second-largest cryptocurrency in the world, has seen a significant surge, increasing by 15% in the last 24 hours and by 19% in the previous seven days. Ethereum (ETH) made an attempt to break over the $1,300 resistance level, but it was unsuccessful and is now trading in the vicinity of $1,500. The movement is quite likely to go on for the foreseeable future as well.
A large number of other cryptocurrencies, including the undisputed leader Bitcoin, participated in the surge with Ethereum. The price of one Bitcoin is at $20,714, and the total volume of trades over the last 24 hours is $151 billion. Over the last twenty-four hours, the price of bitcoin has risen by 7.4%.
In addition, the entire cryptocurrency market also fared well, gaining nearly $80 billion to its market valuation in only 24 hours, the first time this has happened in some weeks. The total volume of all stablecoins is currently $80.85 billion, which accounts for 90% of the entire amount traded in the cryptocurrency market in a 24 hour period.
This comes after an announcement from the chairman of the Commodity Futures Trading Commission (CFTC). Chairman Rostin Behnam said that Bitcoin and Ethereum are both considered to be commodities.
When asked who would have greater authority on the regulation of the cryptocurrencies, the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC), Behnam said it was a very pessimistic position to assume the two agencies couldn’t find out a way to work together.
A rise may also be seen in the DeFi industry. At this moment, the total volume of the DeFi is $3.66 billion, which is 4% of the 24-hour volume of the whole cryptocurrency market.
