Published on september 24, 2024, 12:26 am
Image source: Fox News
```json [ "TLDR: Ethereum is performing well against USD and BTC with a strong rally, outpacing Bitcoin in gains. Factors like increased open interest and network activity show robust demand for ETH. Ether's price at $2,650 with a 4% increase, while Bitcoin is at $63,678 with a 1.8% rise. The crypto market cap reached $2.3 trillion with Ether surging by 17.5% compared to Bitcoin's 9.8% in the past week. Growing interest in Ether reflected in the ETH/BTC ratio rise to a three-week high.", "Market participants expect Ether's value against BTC to keep rising supported by positive sentiment towards ETH investments illustrated by funding rate trends. Monitoring Ethereum's network activity and scaling solutions is crucial for its support above $2,600 as DApp transactions increase signaling higher demand for ETH through various platforms like Uniswap and Aave. Total value locked on Ethereum has also risen indicating heightened user engagement and demand for Ether." ] ```
Ethereum is displaying notable strength in both its USD and BTC pairs amidst a surge in network activity. With an impressive 18.7% rally from September 17 to September 23, Ether (ETH) has outpaced Bitcoin (BTC) in weekly gains. Factors such as increased open interest, funding rates, and network expansion are indicative of robust demand for ETH.
Currently, Ether’s price sits at $2,650, showing a 4% increase in the past 24 hours. In comparison, Bitcoin is trading at $63,678 with a more moderate 1.8% uptick over the same period. The total crypto market capitalization has also risen by 2% to reach $2.3 trillion.
Over the last seven days, Ether has surged by 17.5%, surpassing Bitcoin’s relatively modest 9.8% increase during the same timeframe. Additionally, the ETH/BTC ratio has seen an approximately 7.5% rise in the past week, hitting a three-week high of 0.0424 on September 23.
The spike in the ETH/BTC ratio signifies growing interest in Ether, further supported by positive flows into US-based spot Ethereum ETFs recently observed by Farside investors despite outflows totaling $29 million for Ether between September 16 and September 20 according to CoinShares.
With decreasing BTC market dominance from a high of 58.7% on September 19 to 57.4% on September 23, it appears that Bitcoin is losing ground against altcoins like Ether.
Market participants anticipate Ether’s value against its BTC pair to continue rising as evidenced by a positive eight-hour Ether open interest-weighted funding rate since September 16 suggesting an optimistic sentiment towards ETH investments.
Analyzing Ethereum’s network activity and scaling solutions is crucial as it plays a significant role in maintaining support above $2,600. The number of DApp transactions on the Ethereum network has surged by 6.5%, signaling increased demand for ETH through activities like Uniswap, Balancer, ParaSwap, and Aave.
Moreover, data from DefiLlama shows a rise in total value locked (TVL) on Ethereum from $44.1 billion to $49.65 billion between September 18 and September 23 illustrating growing user engagement with the blockchain leading to heightened demand for Ether.
In conclusion: It’s essential to consider sustained network growth along with higher transaction volumes and DApp usage for Ethereum to hold steady above the $2,600 mark amidst this bullish trend.
Note: This article does not provide investment advice or recommendations; readers are urged to conduct their research before making any financial decisions involving cryptocurrency assets due to potential risks involved.
Original article posted by Fox News
