This week, Ethereum (ETH) has regained strength and kicked off the week with a boost as crypto assets bounce back from a few rough days. In just the past 24 hours, Ethereum has climbed 6.83%, bringing its weekly growth to a noteworthy 4%. After experiencing a minor market correction, Ethereum is once again on the rise.
Today, the top performing altcoin is seeing a surge among cryptocurrencies as they bounce back. The price of Bitcoin has risen by 2.89% to reach $71,625. With Bitcoin at this level, traders are becoming increasingly active and attracting more investments from investors, who currently seem less interested in altcoins.
In simpler terms, the prices of Toncoin (TON) and Ripple (XRP) have risen by 9.4% and 2.9%, respectively, causing the total market value to surpass $2.6 trillion, a 2% increase from the previous day. This upward trend is not limited to these two cryptocurrencies but can also be seen in decentralized finance (DeFi) platforms and memecoins, as there has been an influx of investments and positive sentiment surrounding them in the past 24 hours.
Ethereum Bulls Eye Run
This year, institutional investors have been gradually pouring money into Ethereum, causing an increase in its inflows. The value of the asset climbed over $4,000 last month but subsequently dipped below $3,500. Currently, Ethereum is priced at $3,653 and hovers above the resistance level. Bulls expect a more significant price surge in the future.
The announcement of approved spot Bitcoin ETFs caused its price to reach a record peak, providing a fresh investment opportunity for institutional investors. Now, they eagerly anticipate US approval for similar Ethereum ETFs, a development seen as a positive sign that could potentially push prices to new record highs.
Currently, cryptocurrency users on social media are hoping for a rebound to $4,000 if a bull market emerges. However, Ethereum experienced a weekly withdrawal of $22 million, but institutional investors have amassed $52 million this year with a combined management of over $14 billion in assets.
Further US$646m inflows into Bitcoin ETFs, but signs of hype moderating
— James Butterfill (@jbutterfill) April 8, 2024
ETH Bullish Futures Market
According to a recent analysis by CryptoQuant, there has been an increase in funding rates and open interest in the Perpetual Market, suggesting that investor optimism is on the rise.
On-chain review shows a spike in the metric as its price gains an upward momentum.
“The aggressive buying of long positions by market participants suggests a fierce market activity. Likewise, the rising Open Interest metric underscores increased participation, suggesting a high level of excitement in the futures market.”
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2024-04-08 20:03