The world’s second-largest cryptocurrency Ethereum (ETH) has given another major breakout just a week before the Shanghai upgrade. (ETH) is trading up by 5.68% at a price of $1,911 and a market cap of $230 billion.
On the weekly chart, ETH has outperformed the rest of the altcoins as well as Bitcoin with 7.3% gains. It is for the first time since August 2022 that the ETH price has surged past the $1,870 level.
With today’s price surge above $1,900, Ethereum (ETH) extends its 2023 gains to more than 60% closing the gap with Bitcoin.
Although the crypto market has registered a strong recovery this year in 2023, liquidity remains one of the major concerns for the top two digital assets – Bitcoin and Ethereum.
When compared to Bitcoin, Ethereum’s drop in market depth is less extreme. While BTC’s drop in market depth is at 50%, ETH’s is at 41%. Kaiko adds: “Overall, both assets have suffered in the aftermath of the FTX collapse and banking crisis, with fewer market makers supplying liquidity to order books”.