Ethereum surges over 9% against Bitcoin in a week, reaching above $3,600.
Large-scale investors show strong bullish sentiment, investing millions in Ethereum.
DeFi on Ethereum and its layer-2 solutions witness substantial growth post-DenCn upgrade.
Analyst Peter Brandt anticipates a potential 100% surge for Solana compared to Ethereum.
Solana's projected rise towards $400 positions it as a direct challenger to Ethereum.
Whales’ Confidence in Ethereum:
Recent insights from Spot on Chain reveal two unidentified whales entering the Ethereum market with a significant purchase of 11,700 ETH from Binance, valued at approximately $40 million. This move occurred shortly after another pair of whales spent $35 million in stablecoins to acquire 10,322 ETH. Speculation suggests these actions may have contributed to driving Ethereum's price above $3,400, indicating strong confidence from these whales in Ethereum's future prospects.
Growth Across the Ethereum Ecosystem:
Data from Defillama highlights substantial rallies in the Total Value Locked (TVL) across the entire Ethereum ecosystem over the past week. Ethereum's TVL surged by 12.38%, Arbitrum by 5.62%, Polygon by 4.76%, and Base by an impressive 30%. Behind this growth lies a surge in transactions on Ethereum layer 2 solutions following the Dencun upgrade, indicating significant activity and development within the Ethereum ecosystem.
Ethereum's Challenge from Solana:
Veteran trader Peter Brandt's analysis suggests that Solana could potentially double its value against Ethereum. Brandt's tweet points to a critical resistance point in the SOL/ETH chart, with a potential breakout indicating a 100% spike for Solana against Ethereum. This could see Solana reaching $377.72, surpassing Ethereum in terms of price movement. As the market navigates the upcoming bull cycle, the question arises whether Ethereum can maintain its dominance or if Solana will emerge as a direct challenger in the future.
[Disclaimer: While efforts are made to provide accurate information, readers are encouraged to conduct their own research before making financial decisions. Cryptocurrency markets are highly volatile, and Voice of Crypto cannot be held responsible for any discrepancies or losses.]
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