Ethereum (ETH) had one of its better days of the year yesterday. The price has skyrocketed by about 10% and is above $3,600 for the first time since June. The US Ethereum spot exchange-traded funds (ETFs) appear to be one of the reasons for the big rally.
Ethereum has been leaving Bitcoin in the dark for a week
In one day, the Ethereum price has made a stunning increase from around $3,300 to just above $3,600. Just after midnight the price even reached almost $3,700.
Bitcoin did a lot less well yesterday and was able to add ‘only’ 4% to its value. And it was certainly not the first time in the past week that the Ethereum price outperformed bitcoin. Ethereum is currently almost 16% higher than seven days ago, while bitcoin has lost more than 2% in this time frame.
This is truly unique: bitcoin has been performing much better than bitcoin for years. For example, Bitcoin has already surpassed its all-time high from the previous bull market by more than 40%, while Ethereum has not even come close to its all-time high.
According to crypto analyst Rekt Capital, Ethereum needs to close the week above its resistance at $3,700 to reach highs not seen since the 2021 bull market.
“Bitcoin is hovering between $91,000 and $100,000, which could very well be the recipe for Ethereum to take the lead and enable flows of funds into smaller altcoins,” the analyst said in an earlier post on social media platform
At the time of writing, there is an Ethereum price of $3,623 on the boards.
ETH funds expand green range
Not only has Ethereum’s price been outperforming Bitcoin’s for some time, its own ETFs are also showing better performance.
Data from Farside Investors shows that Ethereum funds welcomed fresh capital yesterday for the fourth trading day in a row. This represents a net inflow of $90.1 million, which has only been surpassed six times since its launch in July. A similar influx was recorded last Friday.
This week, the funds have already raised $133.6 million, while the bitcoin ETFs have lost $455.1 million. Are the Ethereum ETFs about to eclipse the Bitcoin ETFs for the first time this week?
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Source: https://newsbit.nl/ethereum-bereikt-hoogste-prijs-in-lange-tijd-etfs-pakken-momentum/
