Ethereum (CRYPTO: ETH) extended a week-long rally that has seen its price appreciate over 50%, as per data from Benzinga Pro.
What Happened: ETH surged 8% from $1,476 to an intra-day high of $1,595 during Asian hours on Friday. The second largest cryptocurrency was up 6.31% against Bitcoin (CRYPTO: BTC) and 5% against Dogecoin (CRYPTO: DOGE).
Earlier this week, ETH saw a 50% five-day rally to a high of $1,620 on July 20. The price of BTC rose just 10% by comparison.
On Thursday, analysts at Deribit said that “the skyrocketing price of ETH seems to be caused by a gamma squeeze.”
At the time, they found that the …
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