Cryptocurrencies and traditional financial markets saw an overall rebound after Trump confirmed he would lower tariffs on China and stated he had no intention of firing Federal Reserve Chairman Powell. Bitcoin briefly rose to $94,000 this morning, and Ethereum peaked at over $1,800, creating a three-week high and surging over 13% in the past 24 hours.
However, according to the latest Trading View data, as the second-largest cryptocurrency, Ethereum's market dominance (ETH market share) has been performing poorly, even dropping to 6.95% yesterday, hitting a new low since January 2020.
Galaxy Digital Sells $100 Million ETH to Switch to SOL?
According to on-chain data monitoring platform Lookonchain, digital asset management company Galaxy Digital has deposited 65,500 ETH (worth approximately $105 million) into exchanges over the past two weeks and transferred out 752,240 SOL (worth about $98.37 million), suggesting a potential position shift towards SOL.
Note: Galaxy Digital is a technology-driven financial services and investment management company focused on digital assets and blockchain technology, headquartered in New York, USA, founded in 2018 by Michael Novogratz (former Goldman Sachs partner and Fortress Investment Group president). As of December 31, 2024, Galaxy Digital manages assets of approximately $1 billion.
Can Ethereum Rise Again?
Recently, FUD voices about ETH in the community have been constant. For example, analyst PlanB, who proposed the Bitcoin S2F model, directly attacked Ethereum on the X platform, calling it a "centralized, pre-mined, proof-of-stake (PoS) shit coin with arbitrary supply plan changes".
Whether Ethereum can regain its momentum remains to be seen if overall economic uncertainty decreases and risk markets rebound. However, potential short-term positive factors to watch include:
- Ethereum's Pectra Upgrade: The latest Pectra upgrade is set to go live on the mainnet, which is expected to further enhance Ethereum's security and scalability, potentially attracting more users;
- US Ethereum ETF Staking: In the current context of loosened cryptocurrency regulation in the US, the staking feature of Ethereum spot ETF may be approved by the SEC, potentially increasing institutional demand for ETH;
- RWA Growth: Ethereum remains one of the leading blockchains for RWA (Real World Assets), and if RWA truly begins to explode, ETH's price could be stimulated again.
