Ethereum’s market cap rises to $219.60 billion after a 10% jump, its largest one-day gain since February, amid falling crude prices.
Ethereum (ETH) climbed 10% to $1,800 on June 15, marking its biggest single-day gain since February 25. The rally followed a drop in crude oil prices below $80 a barrel after the U.S. and Iran agreed to reopen the Strait of Hormuz shipping route.
The surge lifted Ethereum’s market capitalization to $219.60 billion, though it remains less than half of its peak of $583.89 billion. Trading volume reached $16.19 billion, accounting for 18.69% of total crypto volume. Despite the rally, ETH is still down 63% from its all-time high of $4,955.90.
Analysts, including Coinbase (COIN) CEO Brian Armstrong, suggest a potential bottom for digital assets, though Ethereum continues to struggle above the $2,000 support level.