As the crypto cash flow continues to favor large-cap altcoin, Ethereum (ETH) has reminded speculative investors why it is the top-traded altcoin. The veteran altcoin, with a market cap of over $401 billion and a daily average trading volume of around $66.9 billion, has surged 41 percent in the last eight days to trade about $3,332 on Tuesday, November 12, during the early European session.
What’s driving this explosive growth? Let’s delve deeper.
After trailing Solana (SOL) in daily active addresses in the recent past, the Ethereum bulls have re-awakened. Ethereum’s bullish momentum has significantly surged following the recent U.S. election, which saw the victory of pro-crypto leaders.
The Ethereum ecosystem, home to the largest Web3 network, has also benefited from last week’s Federal Reserve rate cut, which was followed by a similar move from the Bank of England (BoE). These actions have helped fuel a rise in institutional confidence, driving Ethereum’s market growth.
Institutional Demand Pushes Ethereum’s Value Higher
Ethereum’s stablecoin market cap has increased by over $9 billion in the last week, while the total value locked (TVL) on its network has jumped from $45 billion to $61 billion.
A major factor behind this growth is rising demand from institutional investors, especially the U.S. spot Ether ETFs. BlackRock’s ETHA, for instance, attracted over $500 million in inflows in just four days.
As Ethereum’s core developers meet with the community in Bangkok for the 2024 Devcon, the fear of further market declines has largely faded. Ethereum’s fear and greed index has surged to 81%, signaling extreme greed and optimism among investors.
From a technical analysis standpoint, Ethereum’s price has successfully regained the 200 weekly Moving Average (MA) as a support level. If the bullish sentiment persists in the coming weeks, Ethereum price is well primed for $6k before the end of this year.
With its market momentum firmly in place, Ethereum is once again proving why it’s the altcoin everyone keeps an eye on.
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