Ethereum prices have surged a whopping 38% over the past seven days, outpacing Bitcoin’s gains, which were around 30% over the same period.
Moreover, Ethereum’s market capitalization has increased by more than $100 billion in less than a week. To put this into perspective, this is more than Solana’s entire market capitalization. This has pushed the ETH market cap over $400 billion for the first time since July.
The move wasn’t lost on crypto social media, with observers exclaiming, “And there are still people who think Solana will replace Ethereum. Hilarious.”
Ethereum added as much to its market cap in 5 days as Solana’s entire $100B market cap.
And there are still people who think Solana will replace Ethereum.
Hilarious. pic.twitter.com/1xyB9KKq9B
— Poseidon (@CryptoPoseidonn) November 10, 2024
ETH FUD Extinguished
Additionally, ETH hit an almost four-month high of $3,384 during early Asian trading on Tuesday, Nov. 12. It is now targeting resistance at $3,500, a level last seen in late July.
However, analysts have noted that where Bitcoin has broken out, Ethereum is still trading within a broadening wedge pattern with a breakout imminent.
$ETH is Still Moving inside the Broadening Wedge Pattern..!!
imo, Party Will Start once the wedge Breaks out..
Midterm target : 5450$#Crypto #Ethereum #ETH pic.twitter.com/qkcKhqEYKl
— Captain Faibik (@CryptoFaibik) November 12, 2024
“There will soon be an ETH god candle that will catch literally everyone off-guard and send ETH straight to Valhalla,” commented ecosystem educator Anthony Sassano on Nov. 12. Earlier this week, he commented on the dissipation of Ethereum FUD as prices finally moved.
“Every single piece of ETH FUD has completely disappeared, and now it’s popular to be bullish on ETH again. Narrative follows price – never forget this.”
Other altcoins outperforming at the moment include Dogecoin (DOGE), which has surged a whopping 33% over the past 24 hours as it surged past $0.40.
Avalanche (AVAX), Aptos (APT), and Cronos (CRO) are also making double-digit gains today.
Ethereum ETFs See Record Inflow
Ethereum momentum is also being reflected in institutional circles, as spot ETH ETFs in the US saw a record day of inflows.
Monday, Nov. 11, saw a record $295 million in inflows for the nine recently launched spot Ethereum ETFs. BlackRock’s ETHA fund had $100.5 million, but Fidelity’s FETH fund led the pack with $115.5 million in inflows, its highest-ever daily flow since it went live in July.
Grayscale’s Ethereum Mini Trust (ETH) saw an inflow of $63.3 million, while the Bitwise ETHW fund had $15.6 million. Over the past four consecutive trading days, more than $500 million has flowed into Ethereum ETFs, depleting the total aggregate outflow to just—$130 million.
Record-breaking day for crypto ETFs!
The US Ethereum ETFs recorded their largest net inflow ever at $295.1M, led by #Fidelity (FETH) with $115.5M—its biggest inflow since launch.
Meanwhile, the US Bitcoin ETFs weren’t left behind, seeing a massive $1.094B inflow, the… pic.twitter.com/YJ0iI7UgUy
— Spot On Chain (@spotonchain) November 12, 2024
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