Ethereum price has outshined Bitcoin in the past few weeks after the approval of spot Ether ETFs in Hong Kong and the United States.
QCP noted that ETH rallied from $3,810 to $3,940 as investors in Asia woke up to bullish comments from the former US president and 2024 presidential candidate Donald Trump.
The price of Ethereum has continued its bullish momentum. It has increased by 3% in the last 24 hours, and 7% in the last three days.
The surge in Layer 2 adoption can be traced back to the recent green light given to spot Ethereum ETFs by the US SEC.
The approval of spot Bitcoin ETFs in the US led to a 70% surge in Bitcoin prices in two months. If history repeats, Ether could reach its all-time high near $6,000 by July’s end.
The recent Ethereum price dip appears to be a classic case of “buy the rumor, sell the fact” behavior. Experts forecasts that Ether price could jump by more than 60% soon, driven by growing interest from institutional investors in futures.
The decrease in the burn rate has pushed the number of circulating coins to its highest level since early March, currently averaging 120,000 ETH.
While the expiration of the 375,000 BTC and ETH options, with a combined valuation of close to $3 million, may influence market dynamics, the overall impact is uncertain.
USDe aims to rival the likes of Tether’s USDT and Circle’s USDC, the top two stablecoins by market capitalization.
The recent 20 percent rise of Ethereum price against the United States dollar has rejuvenated calls for anticipated altseason.
WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW), will give investors access to Bitcoin and Ethereum while being fully backed by the actual assets.
Despite the competition, Ethereum’s ecosystem benefits from a rich developer community and a vast array of dApps that drive its value and utility.
The Ethereum network is staking a substantial portion of Ether’s supply, unlike Bitcoin. On-chain data indicates that staking contracts lock over 27% of the total Ether supply, generating yield for their owners.
Rumors surrounding the possible approval of ETH have been more intense lately.
Ethereum spearheaded the altcoin rally, driven by renewed optimism about the approval of spot ETH ETFs by the US SEC.