tl;dr
Ethereum has surged to a five-month high, surpassing $3,700 with a 40% gain in the past month. Investor optimism is growing as SEC Chair Gary Gensler prepares to depart, leading to $90 million in inflows into ETH ETFs on Friday. Ethereum's market capitalization is now at $445 billion, making it the ...
Ethereum has surged to a five-month high, surpassing $3,700 with a 40% gain in the past month. Investor optimism is growing as SEC Chair Gary Gensler prepares to depart, leading to $90 million in inflows into ETH ETFs on Friday. Ethereum's market capitalization is now at $445 billion, making it the second-largest cryptocurrency after Bitcoin.
Gensler's upcoming exit is fueling investor optimism for a more crypto-friendly regulatory environment and is seen as an opportunity for balanced regulation. Ethereum's open interest in derivatives has also shown significant growth, standing at $24.46 billion, indicating increased investor activity and upward momentum.
Meanwhile, Bitcoin is trading at $96,802 with a minimal 0.1% gain in the last 24 hours, facing resistance in reaching the $100,000 threshold.
Ethereum's surge to a five-month high, surpassing $3,700, with a 40% gain in the past month, has caught the attention of many investors. This strong performance is driven by growing optimism following the news of SEC Chair Gary Gensler's impending departure, leading to $90 million in inflows into ETH ETFs. Ethereum's market capitalization of $445 billion solidifies its position as the second-largest cryptocurrency, with its open interest in derivatives also showing significant growth.
Ethereum (ETH) is now trading above $3,700, a five-month high, as its price has climbed by 40% over the past four weeks. This strong performance has analysts predicting ETH will soon break $4,000. This upward trend is largely driven by growing investor optimism following the announcement that SEC Chair Gary Gensler will step down in a few weeks. Many believe this leadership change could usher in a more crypto-friendly regulatory environment, further fueling Ethereum’s rally.
ETHEREUM KEY TRADING METRICS
Ethereum’s price surge in recent weeks has attracted significant investor attention. As of now, Ethereum’s market capitalization is valued at $445 billion, securing its position as the second-largest cryptocurrency, just behind Bitcoin. Looking at price movement, Ethereum’s 40% monthly gain outperformed Bitcoin’s 34% gains, signaling strong momentum in favor of ETH. This sentiment shift is also evident in the traditional market, with growing inflows into spot ETH ETFs. On November 27, Ethereum ETFs saw $90 million in inflows, adding to the bullish sentiment.
GENSLER’S EXIT AND REGULATORY EXPECTATIONS
Additionally, the departure of SEC Chair Gary Gensler, set for January 2025, has amplified investor optimism. Gensler’s tenure has been marked by stringent regulatory measures, which many in the crypto community have viewed as obstacles to growth. The prospect of new leadership at the SEC is seen as a chance for more balanced regulation, sparking renewed interest in Ethereum and other altcoins like XRP.
ETHEREUM’S OPEN INTEREST SURGE
Ethereum’s open interest in derivatives continued to show significant growth, currently standing at $24.46 billion. This represents a 3.12% increase in the past 24 hours, signaling a surge in investor activity. The one-hour change shows a modest 0.35% rise, while liquidations totaled $34.21 million over the past 24 hours. These figures highlight growing demand for Ethereum in the derivatives market and suggest continued upward momentum.
Meanwhile, Bitcoin continues to face resistance in its attempt to break the $100,000 threshold. As of press time, BTC is trading at $96,802, showing a minimal 0.1% gain in the last 24 hours. Over the past month, Bitcoin has posted a 34% gain, but its volatility appears to be flattening as it encounters strong resistance at higher levels.