ETH breaks through $3400, up over 6% in 24 hours, with a strong recent market trend continuing

Ethereum (ETH) breaks through the $3400 mark, demonstrating strong market performance. According to the latest data, ETH/USDT is currently trading at $3,402.07, with a 24-hour increase of 6.92%. This breakout not only reflects recent short-term gains but also indicates ongoing market attention toward this second-largest global cryptocurrency.

Price Breakthrough and Market Enthusiasm

Short-term Strong Performance

ETH’s 6.92% increase over the past 24 hours is just a glimpse of its recent bullish trend. Data shows that ETH’s recent performance is quite impressive:

• 1-hour increase: 0.40%
• 24-hour increase: 6.92%
• 7-day increase: 6.28%
• 30-day increase: 11.85%

This sustained upward momentum suggests that ETH’s rise is not a fleeting event but is built on relatively stable market demand. Especially with nearly 12% growth over 30 days, it indicates that market optimism for Ethereum has persisted over a significant period.

Market Enthusiasm Significantly Boosted

Trading volume data further confirms market activity. The 24-hour trading volume reached $3.621 billion, an 82.41% increase from the previous day. This substantial rise in trading volume implies that, alongside the price increase, market participation is also significantly rising, rather than being driven solely by a few large players pushing a one-sided trend.

Market Position and Scale

Confirmation as the Second Largest Crypto Asset

ETH ranks second in the cryptocurrency market capitalization, a position further strengthened by this breakout. Its current market cap is $40.637 billion, accounting for 12.32% of the entire crypto market. This means that any significant price movement of ETH can have a considerable impact on the overall market.

Circulation and Supply Status

The current circulating supply of ETH is 120,694,681 tokens, with an unlimited supply mechanism. Unlike Bitcoin’s fixed total supply, this means ETH’s value is more supported by network utility and market demand rather than scarcity.

Market Observation

From the current data, ETH’s breakthrough above $3400 is not an isolated event. The rising market enthusiasm, the sharp increase in trading volume, and the recent sustained upward trend all point to a relatively positive market signal. However, it is important to note that strong short-term gains often come with correction risks, and whether the trend can continue to break through remains to be seen.

Summary

ETH’s breakthrough of $3400 marks another milestone in its recent bullish run. The 6.92% 24-hour increase, 82% growth in trading volume, and nearly 12% cumulative increase over 30 days collectively depict a market full of enthusiasm. As the second-largest crypto asset by market cap, ETH’s performance has implications for the entire market. The key going forward is whether this breakout can be effectively sustained and whether market enthusiasm can be maintained.