Will ETH Lead The Next Bull Run?
$Ethereum (ETH.CC)$ volumes appeared to be converging with those in its larger peer Bitcoin BTC, recent data showed. The world’s second-largest cryptocurrency has seen a spike in interest this year ahead of a widely anticipated shift to a proof-of-stake (PoS) model.
ETH price has surged over 20% in the past two weeks, and was trading at around $3,400- close to breaking even for the year. Daily volumes have also steadily risen, averaging at roughly $20 billion over the past week.
$Bitcoin (BTC.CC)$ price also shot up to 2022 highs this week, and was trading around $47,000. But while volumes did increase, they were substantially lower than the massive amounts of liquidity seen in 2021. Still, the world’s largest cryptocurrency commanded over 40% of total crypto market capitalization.
But the latest crypto rally has also seen several altcoins vastly outperform BTC, while notching record highs in market capitalization. A similar scenario was observed during the start of the 2021 rally, which had eventually challenged BTC’s dominance.
And so the question is will ETH lead the next Bull Run?
ETH price has surged over 20% in the past two weeks, and was trading at around $3,400- close to breaking even for the year. Daily volumes have also steadily risen, averaging at roughly $20 billion over the past week.
$Bitcoin (BTC.CC)$ price also shot up to 2022 highs this week, and was trading around $47,000. But while volumes did increase, they were substantially lower than the massive amounts of liquidity seen in 2021. Still, the world’s largest cryptocurrency commanded over 40% of total crypto market capitalization.
But the latest crypto rally has also seen several altcoins vastly outperform BTC, while notching record highs in market capitalization. A similar scenario was observed during the start of the 2021 rally, which had eventually challenged BTC’s dominance.
And so the question is will ETH lead the next Bull Run?
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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