CandleFocus

Ethereum Reclaims $3,000 With 'Surprising Upturn in Bullish Sentiment' Amid Bitcoin's Record Highs

Author: Content Editor
Ethereum has breached the $3,000 threshold for the first time since August, following a 20% increase in the past week. This surge in price comes as President-elect Donald Trump's favorable stance on digital assets boosts the broader market. Meanwhile, Bitcoin continues to reach new all-time highs, breaking records and hitting a new high mark of $77,223 on Friday. The shift in regulatory tone under a Trump-led SEC could be beneficial for Ethereum and its decentralized finance (DeFi) applications. Despite Ethereum's recent gains, it has underperformed Bitcoin in terms of year-to-date gains. The approval of spot Ethereum ETFs in May was viewed as bullish for the asset but caused downward pressure on its price when outflows from Grayscale's Ethereum Trust occurred. However, the momentum has shifted since Trump's win, with spot Ethereum ETFs seeing inflows of $80 million. There is also growing debate around the Dencun Ethereum upgrade and its impact on the overall supply and fee revenue. The market sentiment remains bullish for both Bitcoin and Ethereum, with more optimism seen for Ethereum as a riskier asset.

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