In a striking market move, Ethereum (ETH) has soared beyond the $4,000 threshold. This rally follows in the wake of Bitcoin’s (BTC) own ascent, which saw the cryptocurrency surpass the $71,000 mark. This bullish trend marks Ethereum’s first leap past $4,000 since late December 2021, stirring excitement amongst investors. The Ethereum market cap has also seen significant growth, now exceeding $481 billion.
ETH’s Market Performance
The price of Ethereum saw a recent peak at $3,990 before briefly retreating. Nonetheless, the digital currency regained its momentum, subsequently breaching the $4,000 level in spot trading. Ethereum’s trading volume has surged by 83%, approaching a staggering $23 billion, reflecting growing investor enthusiasm for the second-largest cryptocurrency by market cap.
Bitcoin’s Continued Dominance
Bitcoin, not to be outdone, has also achieved a new all-time high, with its value now trading at $71,132. This has fortified Bitcoin’s market cap, which remains above the $1.3 trillion threshold. Impressively, its 24-hour trading volume has increased by 84%, pointing to robust market activity for BTC.
The broader cryptocurrency market has responded positively to the upturns of both Bitcoin and Ethereum. Other major coins such as Binance Coin (BNB), Solana (SOL), and Avalanche (AVAX) are showing gains, contributing to the optimistic market sentiment.
Conversely, altcoins like Ripple (XRP), Shiba Inu (SHIB), and Dogecoin (DOGE) have struggled to ride the bullish wave, indicating a potential shift in investor focus away from meme coins. While recent rallies have benefited these altcoins, the current market dynamics suggest a return to more established cryptocurrencies, with future price directions for Ethereum and Bitcoin remaining a hot topic of speculation.