As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull runs and bear markets, but the current surge in Ethereum is truly captivating. With its market capitalization eclipsing Solana’s entire value and hitting a four-month high, it’s hard not to be impressed.
Over the last week, the value of Ethereum has soared by an impressive 38%, exceeding Bitcoin‘s increase, which was approximately 30% during the same timeframe.
Furthermore, Ethereum’s market value has skyrocketed by over $100 billion in just a few days, which is significantly greater than Solana’s total market value. This surge in value propels Ethereum’s market cap above $400 billion for the first time since July, marking a new milestone.
The move wasn’t lost on crypto social media, with observers exclaiming, “And there are still people who think Solana will replace Ethereum. Hilarious.”
Ethereum added as much to its market cap in 5 days as Solana’s entire $100B market cap.
And there are still people who think Solana will replace Ethereum.
Hilarious.
— Poseidon (@CryptoPoseidonn) November 10, 2024
ETH FUD Extinguished
On November 12th (Tuesday), during early trading in Asia, ETH reached a nearly four-month peak of $3,384. Currently, it’s aiming to surpass the resistance at $3,500 – a level not touched since late July.
On the other hand, analysts suggest that while Bitcoin has moved beyond a specific pattern, Ethereum remains contained within a widening triangle formation, indicating a potential breakout may occur soon.
$ETH is Still Moving inside the Broadening Wedge Pattern..!!
imo, Party Will Start once the wedge Breaks out..
Midterm target : 5450$#Crypto #Ethereum #ETH
— Captain Faibik (@CryptoFaibik) November 12, 2024
Anthony Sassano, an educator within the Ethereum ecosystem, recently predicted that a ‘ETH god candle’ will shock everyone and drive ETH prices towards Valhalla. This prediction was made earlier this week, following his comments on the diminishing fear, uncertainty, and doubt (FUD) surrounding Ethereum as its prices began to move.
As an analyst, I’ve noticed a significant shift in sentiment towards Ethereum (ETH). The once prevalent fears, doubts, and uncertainties (FUD) surrounding ETH have seemingly vanished, giving way to a surge of bullishness. This change in narrative mirrors the current price trend – a valuable lesson to always remember: the story often follows the movement of the market.
Currently, some alternative cryptocurrencies are showing impressive performance. Notably, Dogecoin (DOGE) has experienced a significant boost, increasing by an astounding 33% within the last 24 hours. It’s now trading above $0.40.
Avalanche (AVAX), Aptos (APT), and Cronos (CRO) are also making double-digit gains today.
Ethereum ETFs See Record Inflow
Institutional interest in Ethereum is on the rise, with U.S.-based Ethereum spot ETFs experiencing a single-day high in inflows.
On November 11th, Monday, a historic sum of $295 million was invested into the nine newly established spot Ethereum Exchange Traded Funds (ETFs). Among these, BlackRock’s ETHA fund attracted $100.5 million, but it was Fidelity’s FETH fund that topped the list with a record-breaking daily inflow of $115.5 million since its launch in July.
Grayscale’s Ethereum Mini Trust (ETH) received a total of $63.3 million, whereas Bitwise’s ETHW fund took in $15.6 million over the same period. In the last four trading days, Ethereum ETFs have attracted approximately $500 million, reducing the overall outflow to a mere $-130 million.
Record-breaking day for crypto ETFs!
Yesterday saw a record-breaking net inflow of approximately $295.1 million into US Ethereum Exchange Traded Funds (ETFs). This significant increase was spearheaded by Fidelity, contributing $115.5 million – its largest influx since the launch of the fund.
Meanwhile, the US Bitcoin ETFs weren’t left behind, seeing a massive $1.094B inflow, the…
— Spot On Chain (@spotonchain) November 12, 2024
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2024-11-12 10:44