$ETH leads the way, is the spring of altcoins coming?
After Bitcoin hit the $100,000 mark, the old public chains all performed well. ADA and XRP rose by more than 27% and 31% respectively in the past week, and Ethereum, the old public chain giant that everyone has been looking forward to, finally began to exert its strength. The market is watching whether funds will flow to Ethereum.
Sure enough, when Bitcoin pulled back this week, Ethereum began to emerge: it fell less than Bitcoin when it fell, and rose more than Bitcoin when it rose. The ETH/BTC ratio rose by nearly 7% on the 25th, and rebounded by 18% in the past week. It is now quoted at 0.03775, which looks like funds are flowing.
The price of Ethereum has also soared all the way. Last night (27th), it reached a high of $3,684.92, a new high in more than five months, and a single-day increase of 13%. Although it has fallen back now, it is still the best among the top ten currencies.
Moreover, the open interest of Ethereum perpetual contracts also hit a new high, reaching more than $24 billion, up 33% in a week. This shows that funds are really flowing into Ethereum. Both retail investors and institutions are driving this growth.
However, the surge in open interest also means that the market may be more volatile, and investors must be careful and do a good job of risk management. The funding rate is now close to the neutral level of 2.1% per month, and there is no sign of overheating in the market.
It seems that Ethereum's recovery momentum is very strong, and the second bull market may really come. Some experts pointed out that in the past bull markets, Ethereum has risen twice, and the second time has always risen higher.
The tokens in the Ethereum ecosystem have also benefited from it. ENS (Ethereum Domain Name Service), Puffer (Ethereum Liquidity Re-Pledge Project), EIGEN (EigenLayer's native token) have all risen well.
As Ethereum continues to be strong, related ecological tokens are also worth paying attention to. It seems that the spring of altcoins is really coming!
Recently, I plan to ambush a potential coin that is ready to explode. It is very easy to double it. At the same time, I am also preparing to find some potential coins to hold by the end of the year. It is expected that there will be no problem with more than 10 times the space. If you want to keep up, leave a message, follow, like, and share without any taste.
