After several days of pullback correction, the cryptocurrency market today (28th) has sounded the counterattack horn. Ethereum has finally welcomed a long-awaited strong rise, skyrocketing 9% to re-stand at $3,600, outperforming Bitcoin while also leading other competing coins to surge forward.
CoinGecko market data shows that as of the time of writing, Ethereum is priced at $3,640.47, with a 9% increase in the past 24 hours; Bitcoin has risen nearly 4% to $96,424; while Solana (SOL), Ripple (XRP), and Cardano (ADA) have recorded increases of 5.5%, 7%, and 7.9% respectively.
Market funds have clearly shifted towards Ethereum, and this is vividly reflected in the performance of the 'ETH/BTC' trading pair, which earlier today surged by 13%, rebounding from 0.0318 to 0.0371, successfully breaking away from the lows after the US elections.
QCP Capital analysts pointed out: "After the Bitcoin pullback, market funds have clearly shifted towards Ethereum and other coins, and the strong rebound of ETH/BTC is the best example of this fund rotation."
At the same time, Ethereum's performance in the DeFi sector has been quite remarkable recently. According to DefiLlama data, in the past week, Ethereum's total locked value (TVL) surged by 13.48% to $69.99 billion; trading volume soared by 72.87% to $22.1 billion, highlighting investors' confidence in its future development.
According to Coingecko data, the overall cryptocurrency market value has increased by 3.3% in the past 24 hours, reaching $3.49 trillion. Among them, Bitcoin's market share has decreased from 55.05% yesterday to 53.39%; Ethereum's market share has remained stable at 12%; however, the market share of competing coins has increased from 16.82% to 18.76%.
Is 'the second brother' about to rise? Analysis: Funds are rotating from Bitcoin into Ethereum.
"Finally, it has risen! Ethereum skyrocketed 9% to stand at $3,600, is the 'competition coin peak season' about to begin?" This article was first published on (Block Ke).
