Ethereum Breaks Above January High Amid Global Market Gains

Ethereum surged by 6.5% in the last 24 hours to trade at $2,618.67 at press time, a level it hadn't seen since January of this year.

The global cryptocurrency market cap also climbed to $2.88 trillion following gains of 4.6%.

This price rally came despite several negative developments that would normally put pressure on risk assets, including the Federal Reserve raising interest rates by 25 basis points and the U.S. Dollar Index (DXY) moving back above 100.

Ethereum's strong performance can be attributed to a surge in whale transactions, an expanding holder base, and significant removal of Ethereum from available market supply due to staking.