Ethereum has seen a notable resurgence in the past 24 hours, gaining over 5%, while bitcoin traded up a more modest 1.5% over the same period. This shift in market dynamics is reflected in a 13% surge in the ETH/BTC trading pair, which rose from 0.0318 to 0.0371 in the past day — marking a significant recovery from its post-election low.
"After Bitcoin’s dip, Ethereum is staging a comeback, with signs the market is shifting flows to ETH and alts, as evidenced by a 13% surge in the ETH/BTC pair," QCP Capital analysts said.
Ethereum, Cardano, and Solana have posted gains of 5%, 9%, and 4%, respectively, in the past 24 hours, while Bitcoin's increase was more modest at 1.5%, according to The Block's Prices Page.
ETH/BTC trading pair is at a multi-month high. Image: TradingView
Market indicators reflect increased investor interest in Ethereum, with its decentralized finance sector seeing significant growth. Ethereum DeFi's total value locked has surged by 7% in the past week, now standing at $66.43 billion, according to DefiLlama.
The broader cryptocurrency market is being influenced by developments in traditional finance, including a rally in U.S. markets following president-elect Donald Trump’s nomination of Scott Bessent as Treasury Secretary, which boosted investor sentiment. The Dow Jones and S&P 500 both hit record highs on Tuesday, with the Dow rising 123.74 points (+0.28%) to close at 44,860.31, reversing a drop of over 300 points earlier in the session. The S&P 500 added 0.57%, closing at 6,021.63, while the Nasdaq Composite gained 0.63% to reach 19,174.30. Investors responded positively to Bessent’s "3 Arrows" strategy, which focuses on targeting a 3% budget deficit by 2028, 3% GDP growth, and a daily oil production increase of 3 million barrels.
The global cryptocurrency market cap stands at $3.4 trillion, an increase of 2.1% in the past 24 hours, according to Coingecko data. Bitcoin dominance is at 54.7% and Ethereum dominance is at 12.4%.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
