As a seasoned crypto investor with a decade of experience under my belt, I’ve seen the market ebb and flow like the tides of the digital sea. The recent surge in Ethereum’s price has indeed caught my attention. It reminds me of the time when I bought my first ETH at less than $10, back when it was just a promising project on GitHub.
Over the last 24 hours, Ethereum‘s (ETH) price has soared by more than 10%, reaching a current value of approximately $2,840 as reported by CoinGecko. However, it has slightly dropped from its peak due to some profit-taking.
After a rise in Ethereum’s value, Bitcoin‘s influence on the crypto market lessened noticeably, decreasing by over 1.2% in just one day. Now, the portion of the market controlled by Bitcoin falls short of 60%.
The ETH/BTC pair is up by an impressive 5.5% over the past 24 hours after it added 3.12% on Wednesday.
2024 saw Ethereum, the primary alternative cryptocurrency, struggling to keep pace with Bitcoin in terms of performance. Interestingly, when compared to Bitcoin, the value of Ethereum dropped to record lows over a prolonged period.
Based on information from SoSoValue, it appears that the Decentralized Finance (DeFi) sector has experienced a growth of over 13.5% as well.
Previously, an anonymous crypto expert known as Byzantine General expressed optimism about Bitcoin, suggesting it could experience a significant surge. He commented, “This could potentially trigger a short squeeze that may be reminisced for many years.
Currently, Ethereum, the second-biggest cryptocurrency, remains 41% below its all-time record high of $4,878, which it achieved in November 2021. In simpler terms, Ethereum is still about 41% away from matching its highest price ever recorded.
Meanwhile, Bitcoin recently hit yet another record high, surging above the $76,000 level.
Bitcoin has gained from the prosperity of traditional ETFs focused on spot trading. Conversely, Ether ETFs didn’t fare well, but there are indications of potential growth. For example, as reported by U.Today, Michigan’s state pension fund recently allocated around $11 million to Grayscale Ethereum Trust (ETHE).
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2024-11-07 09:50