Ethereum has not been affected by the recent cryptocurrency market correction. The second largest crypto asset is on a strong rebound and looks ready for even more gains.
EthereumETHAfter gaining almost 7% over the last 24 hours, ) has returned to the $3,100 mark for the first since February. The asset is currently trading at around $3.153. This makes it among the top performing assets of the day.
This rebound is a significant recovery after its dip of $2,965 a few days earlier amid a wider post-rally decline that caused losses to be felt across the board. This is also a 21% increase over the last week. This puts ETH ahead of Bitcoin.BTC() and the majority of market.
What is driving the ETH uptrend?
As exchange traded funds linked to assets record another day’s inflows. logging Nine companies listed for $192 Million. Demand from institutional investors is on the rise, and more firms are now listed. turning To ETH, as a long term reserve asset.
Demand from Asia is driving the price of Ethereum even higher. According to a recent Matrixport Report, most of Ethereum’s recent gains occurred during Asian trading times. It is clear that Asia-based traders have played a major role in the recent rally. They helped the asset to break key resistance levels, and gain market strength.
Analysts are now seeing signs that the trend is shifting.
Ethereum: Will it be the next big thing?
Arthur Hayes, former BitMEX CEO, predicts that the market will continue to grow. “ETH season” He is getting closer to his goal, building upon earlier predictions The asset will outperform BTC.
Hayes comments are in line with the broader belief that ETH can unlock further upside. This could set the stage for a market resurgence and a role at the forefront of the next leg.
Matthew Hyland weighed in on the theory, noting that Ethereum can break out above Bitcoin’s key levels if it holds. “99% chance” Bitcoin has already reached its maximum dominance.
“It’s basically impossible for dominance to push higher if ETH continues higher against BTC,” He said.
If Bitcoin dominates the market, it usually indicates that money is moving out of BTC into altcoins with large capitalizations. These include ETH. This shift has historically been a sign of an aggressive rally. “alt season.”
Combining strong ETF flow, growing institutional interest and surging Asian demand, the second biggest crypto asset sits now in a good position to lead next phase of crypto market’s upward trend.
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Source: crypto.news
