Bitcoin Rises in Crypto Market Rebound as Ethereum Outperforms
Hey there, crypto enthusiasts! Exciting news in the cryptocurrency market as Ethereum (ETH-USD) takes the lead with a 6% surge, outperforming Bitcoin (BTC-USD), which saw a more modest 1.5% increase. According to CoinGecko data, the global cryptocurrency market capitalization has risen by 2% to $1.34 trillion.
Ethereum has been on a winning streak, climbing 15% in the past week compared to Bitcoin’s 1.7% decline. This momentum is reflected in the ETH/BTC trading pair, which rose from 0.035 to 0.038 on Thursday, indicating increased investor interest in Ethereum.
Not to be outdone, altcoins like Cardano (ADA-USD) and Solana (SOL-USD) have also seen gains of 1% and 1.5%, respectively. Cardano has seen a significant 26% increase in value over the past week. Analysts credit this optimism to growing investor sentiment and the expanding use cases in decentralized finance (DeFi).
Stablecoins, particularly those operating on the Ethereum blockchain like USDT (USDT-USD) and USDC (USDC-USD), have been driving growth. The total stablecoin supply has surpassed the previous all-time high at $188 billion. According to a report by Presto Research, Ethereum remains a top choice for developers exploring real-world applications, despite some market skepticism.
Ether, with a market cap of over $434 billion, has seen its price soar to around $3,600, marking a 79% increase over the past year. Developers continue to be attracted to Ethereum for its smart contract capabilities, while recent upgrades, such as the move to proof-of-stake, have improved scalability and energy efficiency.
It’s not just the crypto world that’s feeling the heat – traditional finance is also experiencing ripples from recent events. US equity markets rallied after president-elect Trump’s nomination of Scott Bessent as Treasury secretary. Investors are optimistic about Bessent’s proposed “3 Arrows” strategy, aiming for 3% GDP growth, a 3% budget deficit by 2028, and a daily oil production increase of 3 million barrels.
While the traditional markets closed lower on Wednesday, with technology stocks taking a hit, the cryptocurrency market continues to show resilience and growth. Stay tuned for more updates and don’t forget to download the Yahoo Finance app for the latest news. Happy trading!
