This Wednesday, Ethereum (ETH) became the focus of attention, with its price soaring by more than 10% in just 24 hours, while Bitcoin (BTC) only increased by 4.4%. This surge in Ethereum has pushed its market share to over 13% of the total cryptocurrency market capitalization, which currently stands at $3.33 trillion. Although Bitcoin has maintained a dominant market position throughout 2024, Ethereum's performance has remained strong, especially as Bitcoin's growth momentum has slowed down. In 2024, Bitcoin's gains were nearly triple that of Ethereum, and it outperformed Ethereum for most of the time. However, historical data shows that whenever Bitcoin's growth momentum slows down, Ethereum tends to exhibit a strong upward trend, which is evident in the latest surge. Over the past day, Ethereum's trading volume was $47.87 billion, with Tether (USDT) being the largest trading pair, followed by FDUSD, USDC, Bitcoin (BTC), the Korean won, and the Euro. In the derivatives market, Ethereum experienced $56.5 million in liquidations, with $47.73 million coming from short ETH positions. The latest price of Ethereum is $3,647, but it is still 24.8% away from its all-time high of $4,800 set in 2021. The surge in Ethereum's price has sparked optimism among traders, with many believing that the Altcoin season may be approaching. Renowned cryptocurrency analyst Tony Severino pointed out that Ethereum's weekly SuperTrend indicator has triggered a buy signal, and noted that after a similar signal was issued in 2023, Ethereum rallied by 120%. If history repeats itself, Ethereum could potentially reach $7,500 under the influence of this signal. The continued rise of Ethereum is exciting, and the Altcoin Season Index (ASI) is currently approaching 75, indicating that Altcoins may be poised for a new breakthrough. Although Ethereum still has a long way to go before reaching its ATH, its current momentum may reignite interest in the Altcoin market.Disclaimer: The information provided in this section is for reference only and does not constitute any investment advice or official opinion of FameEX.
