Ethereum has seen a notable rebound, rising more than 5% over the past 24 hours, while Bitcoin has risen a more modest 1.5% over the same period. This change in market dynamics is reflected in a 13% surge in the ETH/BTC trading pair, which rose from 0.0318 the previous day to 0.0371, representing a significant recovery from the post-election lows.
“Ethereum is making a comeback after Bitcoin fell, and there are signs that the market is shifting towards ETH and alternatives, as evidenced by the 13% surge in the ETH/BTC pair,” said QCP Capital analysts.
According to The Block’s price page, Ethereum, Cardano, and Solana have seen gains of 5%, 9%, and 4% respectively over the past 24 hours, while Bitcoin’s gains have been more modest at 1.5%.
The ETH/BTC trading pair has hit multi-month highs. Image: TradingView
Market indicators reflect growing investor interest in Ethereum, with the decentralized finance sector seeing significant growth. According to DefiLlama, the total value locked in Ethereum DeFi has increased by 7% in the past week and now stands at $66.43 billion.
The broader cryptocurrency market has been influenced by developments in traditional finance, including a rally in US markets following President-elect Donald Trump’s nomination of Scott Bessent as Treasury Secretary, which boosted investor sentiment. Both the Dow Jones and S&P 500 indexes hit record highs on Tuesday, with the Dow Jones Industrial Average closing at 44,860.31, up 123.74 points (+0.28%), reversing a loss of more than 300 points earlier in the day. The S&P 500 rose 0.57% to 6,021.63, while the Nasdaq Composite rose 0.63% to 19,174.30. Investors have responded positively to Bessent’s ‘three arrows’ strategy, which aims to reduce the budget deficit by 3%, grow GDP by 3% and increase oil production by 3 million barrels per day by 2028.
The global cryptocurrency market capitalization increased from the previous year to $3.4 trillion. 2.1% Over the past 24 hours, according to CoinGecko data. Bitcoin dominance is 54.7% and Ethereum dominance is 12.4%.
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