Having long lagged behind bitcoin (BTC) in terms of price action, ether (ETH) saw some solid gains on Wednesday, rising 8% to over $3,880 in the last 24 hours.

The second largest cryptocurrency’s price benefitted from $800 million worth of shorts closing their positions, according to Tom Dunleavy, a partner at venture studio Master Global. But it’s also profiting from a capital influx reminiscent of the 2021 bull market, CoinDesk Senior Analyst James Van Straten pointed out.

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Author: Tom Carreras, James Van Straten, Krisztian Sandor

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