Ether (ETH), the second-largest digital currency in terms of market value, experienced a surge from approximately $3,000 earlier in March to reach $3,500 for the first time in 2021. However, its upward trend temporarily slowed down.
As a crypto investor, I’ve recently taken note of insights from a comprehensive report published by Bybit in collaboration with Block Scholes. This report underscores several crucial factors such as macroeconomic shifts and trading indicators derived from both spot and futures market metrics that could potentially propel Ethereum (ETH) to retake higher price positions.
What Could Drive ETH’s Surge?
This month, perpetual swap funding rates have generally risen in sync with spot prices, particularly for Ether (ETH). Bybit’s analysis suggests that this trend indicates a high demand for long positions in the contract, even during market downturns. Alternatively, it may signify a reduced interest in short positions due to factors like liquidations.
Furthermore, the cryptocurrency options market demonstrates a blend of temporary apprehension and lasting positivity. Because of the current uncertainty, traders are taking steps to safeguard themselves from possible short-term price declines. Yet, they maintain a hopeful outlook for the market’s future growth, as suggested by the bullish bias in longer-term options contracts.
Furthermore, fresh Consumer Price Index (CPI) figures prompted a shift in market composition, with Bitcoin (BTC), Ethereum (ETH), and numerous other cryptocurrencies moving upward. The bullish volatility smile suggests heightened speculation and wagers on anticipated price surges.
Currently, there’s excitement in the cryptocurrency market due to the upcoming presidency of a pro-crypto candidate, Donald Trump, which has sparked optimism. The crypto community is hopeful for a more relaxed regulatory environment regarding cryptocurrency trading and investments in America.
Over the last few years, investors have increasingly focused on digital currencies like Ethereum (ETH) and Bitcoin (BTC). This shift is due to uncertainties in regulatory matters surrounding these assets and their ability to endure fluctuating market situations.
More Altcoins to Record Uptrends
Similar to Ethereum, several alternative cryptocurrencies such as Solana (SOL), Ripple (XRP), Litecoin (LTC), and others have shown a recent increase in market confidence. The notable surge of XRP by 40% over the last week, bringing it up to $3.40, has sparked optimism among some bullish traders who believe it could potentially reach $100 in the near future.
In the wake of the Trump-driven market surge, SOL reached an unprecedented peak of nearly $300 at the time of reporting, making it the primary benefactor.
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2025-01-19 19:30