Krutika Adani
Ethereum (ETH) has broken through the $2,700 mark in a stunning rally, fueled by positive macroeconomic news and growing investor interest in the cryptocurrency.
ETH’s trading volume spiked 10.3% to nearly $35 billion, showcasing high liquidity and a surge in trader participation, making it the largest large-cap crypto gainer.
Open Interest in ETH derivatives surged 16% to $32.28 billion, and institutional investment firm Abraxas Capital added $561 million to their ETH holdings, further pushing prices up.
Softer-than-expected consumer inflation data for April has lifted market sentiment, easing concerns over Trump's trade policies and fueling a risk-on mood in the crypto space.