Originally published on: November 12, 2024
Excitement is brewing in the crypto market as Ethereum’s price soars to unseen heights. The surge of over 37% in the last week is attributed to a more crypto-friendly environment in the US post Donald Trump’s presidential victory.
Currently trading at $3,392, Ether is on an upward trajectory fueled by increasing demand through spot Ethereum ETFs. Onchain metrics suggest that the altcoin’s uptrend is strong and likely to continue.
The rally in Ethereum was preceded by a surge in open long positions in the futures market. Data from CryptoQuant shows a record-high open interest of 13.2 million ETH, indicating a renewed interest in the leading altcoin.
Analysts are optimistic about Ether’s future, with trader Alan dubbing it the “boss of altcoins” following the surge in futures open interest. Another trader, Olek, noted that rising liquidity and market engagement are positive signs for Ether’s price.
Increased onchain activity is another driver of Ethereum’s price surge. The number of daily active addresses on the Ethereum blockchain has seen a significant uptick, signaling growing user interaction and token transactions.
Furthermore, Ethereum DApps’ active addresses have increased by 8% in the past week, reflecting a broader market growth in the DeFi sector. This trend is supported by metrics such as total value locked, transaction volume, and NFT activity.
Investors are also showing renewed interest in Ethereum ETFs, with significant inflows recorded in recent days. The Fidelity Ethereum Fund, iShares Ethereum Trust ETF, and Grayscale Ethereum Mini Trust ETF have all seen substantial inflows, signaling growing institutional demand for Ether investment products.
Overall, the positive sentiment surrounding Ethereum is expected to drive its price towards the $4,000 mark, with the potential for further growth in the coming weeks.
As always, it’s important to conduct thorough research and consider the risks involved before making any investment decisions. Stay informed and keep an eye on the evolving crypto market trends for potential opportunities.
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