In the past 24 hours, Ethereum (ETH) has surged by over 10%, capturing attention across the crypto market and impacting Bitcoin’s dominance. This upward momentum, fueled by growth in the DeFi sector and an increase in the ETH/BTC trading pair, highlights Ethereum’s rising influence.
Currently trading at around $2,840 according to CoinGecko, Ethereum’s recent rally has reignited hopes that ETH could outperform Bitcoin over the course of 2024. Bitcoin’s market dominance, in response, dropped by 1.2% in a single day, slipping below 60%. This shift indicates a growing interest in Ethereum among investors and hints at a broader appeal. The ETH/BTC pair rose by 5.5% in 24 hours, further illustrating the market’s evolving dynamics.
DeFi Sector Growth Spurs Ethereum’s Ascent
Ethereum’s price increase has also energized the decentralized finance sector. According to SoSoValue, DeFi projects have recorded a growth of over 13.5%, underscoring Ethereum’s foundational role in the DeFi space. This trend reflects a rising interest in decentralized solutions, with Ethereum as the primary beneficiary.
Prominent crypto analyst Byzantine General recently suggested that Bitcoin might be on the verge of a historic surge, potentially driven by a significant short squeeze. However, despite this momentum, Ethereum still needs a 41% increase to reach its all-time high of $4,878 set in November 2021.
Institutional Interest Adds Support to Ethereum
While Bitcoin recently hit a record $76,000 level, backed by spot ETF inflows, Ethereum ETFs have yet to show similar influence. Nonetheless, the recent $11 million investment by the Michigan State Retirement Fund into the Grayscale Ethereum Trust (ETHE) hints at growing institutional support for Ethereum, raising hopes for more significant backing in the future.
Stay updated with Turkish NY Radio for more on the evolving crypto landscape and Ethereum’s potential ascent.
