EthereumEthereum, the second-largest crypto by market capitalization, is making waves as its price dominance experiences a remarkable ascent, surpassing that of its formidable predecessor, Bitcoin. This unexpected development unfolds against the backdrop of a market correction and the disappointing reception of a Bitcoin Exchange-Traded Fund (ETF).
Once hailed as the undisputed leader and poster child of the crypto realm, Bitcoin is now facing a formidable challenge from Ethereum. With its versatile smart contract capabilities and a vibrant ecosystem of decentralized applications (DApps), the latter has steadily gained traction over the years. This rise to prominence has been further accelerated by recent market dynamics and a surprising setback for Bitcoin
Ethereum leads the market amid the BTC ETF flop
According to Santiment, an on-chain information source, Ethereum’s price supremacy has increased significantly versus Bitcoin, by +22.4% in the last week. This time has seen the creation of 89.4K new Ethereum addresses every day, demonstrating the platform’s expanding popularity. Notably, a remarkable 96.3K wallets were created only yesterday.
At press time, Ethereum (ETH) is trading at $2,539.57 with a 24-hour volume of $14,918,729,392.10. This corresponds to a 0.33% price rise in the last 24 hours and a 5.85% price increase in the last 7 days.
The current price of Bitcoin (BTC) is $42,623.80, with a 24-hour trading volume of $24,604,811,589.08. This indicates a -0.68% price loss in the last 24 hours and a -6.31% price decline in the last 7 days.
The global crypto market cap is $1.77 trillion today, down 0.09% in the last 24 hours and 70.97% from a year ago. Bitcoin’s market cap is at $836 billion, reflecting a 47.3% dominance. Meanwhile, stablecoins’ market cap is $135 billion, accounting for 7.64% of the total crypto market cap.
In connection with these on-chain activities, Santiment’s data uncovers a noteworthy pattern in the supply of Ethereum on exchanges, which is approaching its lowest point in time at 8.05%. The adoption of self-custody and staking methods suggests a diminished likelihood of an impending selloff, which is a more advantageous situation in contrast to the apprehensions that stem from an increasing supply on exchanges.
The on-chain dynamics provide insights into the present market strength of Ethereum and the possible ramifications that this may have on future price fluctuations.
The $2,700 threshold, which signifies the upper limit of the short-term trading range, becomes a significant milestone. Analysts deem This level critical, and a successful breach could pave the way for a potential market advance, which would likely attract Fear of Missing Out (FOMO) traders.
On the contrary, Ethereum could retreat if it fails to surpass the hammer level established during the Monday trading session. If this were to occur, the crypto could potentially experience a decline in value towards the 20-Day Exponential Moving Average (EMA), which is located approximately at $2,300.
Traders are diligently observing these pivotal levels in anticipation of possible fluctuations in the near-term course of Ethereum.
Bitcoin’s current market performance
A week ago, the US SEC’s X account was compromised, giving rise to fraudulent postings claiming that the agency had granted approval for every spot BTC ETF application. This caused a surge in price, which was promptly halted when SEC chair Gary Gensler declared the news to be false as a result of the breach.
The following day, however, the Commission granted approval to eleven of these products. Bitcoin reached a peak of nearly $48,000 after surging from $45,000 before retracing to its initial value. Thursday marked an additional escalation in volatility as ETFs debuted on US markets. The value of the cryptocurrency surged to a 21-month high of more than $49,000 within minutes.
Nonetheless, this was fleeting, as the asset declined by more than $7,000 over the subsequent thirty-four hours. Subsequently, Bitcoin has maintained a relatively stable price of nearly $43,000, exhibiting only minor fluctuations. Attempts have been made for the last 24 hours to surpass that line but to no avail.
Notwithstanding their reputation for considerable volatility as a whole, altcoins have maintained a relatively stable price over the past few days. Among the larger-cap alternatives, ETH, BNB, AVAX, DOGE, and DOT are marginally in the green, whereas XRP, ADA, and MATIC have experienced negligible losses.
Toncoin and Solana have gained the most from this group of digital assets. TONNE has gained 5% and is trading above $2.4, whereas SOL is up 3% and is currently trading above $97. Each Tron and Chainlink has experienced a 3% decline.
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