Itās been a tough few months for Ethereum, which failed to make much traction on the charts even as Bitcoin started pushing towards a new peak. But ETH finally found a rocket ship this week following Donald Trumpās big election win, blasting off and finally retaking $3,000 overnight for the first time since the start of August.
ETH is now up 22% on the week, while Bitcoin has to settle for a measly 10%. Granted, the numbers donāt tell the whole situation. Bitcoin has set multiple new price records since Tuesday night, freshly peaking above $77,000 on Friday. ETH is still a whopping 38% down from its peak set three full years ago.
Whatās up with Ethereum? Last month, VanEck Head of Digital Assets Research Matthew Sigel pointed to āchanging fundamentalsā for ETH, with layer-2 scaling networks sapping revenue away from Ethereum itself. Add in muted demand for Ethereum ETFs ahead of this weekās broader surge for crypto and risk-on assets and thereās clearly a difference in momentum compared to bullish Bitcoin vibes.
But $3,000 is undoubtedly a welcome milestone for ETH advocates. Weāll see whether it still has more room to run as analysts project more crypto gains ahead.
Ethereum Reclaims $3,000 With 'Surprising Upturn in Bullish Sentiment' Amid Bitcoin's Record Highs
Itās nowhere near its all-time mark, but after a few rough months, Ethereum is finally on the rise as Bitcoin keeps pushing to new peaks.
Bitcoin Boom Under Trump Could Push Crypto to $10 Trillion Market Cap: Standard Chartered
The bank estimates that a reset on crypto in the U.S. will quadruple the marketās value in short order, with Bitcoin spiking to $200,000.
Scammer Tried to Hijack Kraken Crypto Account Wearing Rubber Mask of Victim
Kraken says that a man tried to maliciously gain access to an account by wearing a shoddy mask that vaguely matched the rightful customer.
HashKey Capital and Decrypt Launch Layer East Media to Unite Asia-Pacificās Leading Crypto Media
Layer East Media is a collaborative network bringing together Asia Pacificās top Web3 publications to help Western projects navigate and thrive in the region.
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āThis shift in narrative to an administration that has signaled they want to address regulatory enforcement actions on a platform like Ethereum is probably more beneficial for Ethereum than it is for other projects like Bitcoin.ā
