Ethereum Emerges as a Trailblazer Amidst Bitcoin’s Lull
While Bitcoin takes a breather after its ETF approval, Ethereum is experiencing a surge in price and dominance. Recent data from Santiment shows that Ethereum’s market share has increased by 22.4% in just one week.
Ethereum’s Remarkable Surge: Growing Community, Strong On-Chain
Ethereum is actively attracting 89,400 new addresses daily, with 96,300 joining in a single day. This surge is not just about acquiring new participants, but also about retention. The exchange supply of Ethereum is approaching its historical low of 8.05%, indicating a move towards self-custody and staking.
The on-chain strength is translating into market action, as Ethereum stabilizes and turns the $2,500 support level into a launchpad.
Caution Amid Excitement: Ethereum’s Unpredictable Trajectory
Despite the excitement, caution remains in the volatile crypto landscape. A breach below the “hammer” formation could send Ethereum towards the 20-Day EMA at $2,300. Traders are closely monitoring these levels to determine the future trajectory of Ethereum.
Ethereum’s Unique Path and Future Expansion
Ethereum is carving out its unique path and casting off the shadow of Bitcoin. With increasing dominance and a focus on self-custody, Ethereum is laying the groundwork for future expansion.
Hot Take: Ethereum Surpasses Bitcoin in Market Capitalization
In a recent post by Michaël van de Poppe, he observed that Ethereum was surpassing Bitcoin in terms of total market capitalization. This suggests that altcoins may outperform Bitcoin in the near future.
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