Dear Readers,
We witness the mega rally in the wide range of crypto markets right from this year.
This rally was big in February 2024.
This rally continued to give cheers to all the investors.
At the time of writing this article the global cryptomarket cap is trading at $2.6 Trillion, a up of 1.77% increase in the last 24 hours.
The fear greed index stands at extreme greed with 89 points.
The crypto leader BTC is leading the way of the crypto market. Today it has touched a record high $ 70083 with over 13% rise.
However, it slowed down and currently trades at $ 68652, over 1.5% higher than yesterday. The ETFs contributed a lot for BTC to rise.
The halving of BTC is a news that turn around the markets.
To match with BTC, the second crypto leader ETH also touched the $ 4000 mark after 2 years.
Like BTC, it also came down and currently trades at $3938 a up of 2.08%.
But ETH is trading with 3rd highest volume in the 24 hours.
For the past couple of weeks the crypto leaders had the habit of moving higher during the week days and moved in the side ways in the week ends. Possibly because of the ETFs injection!
When we compare with BTC, ETH is consistently trades higher only in the chart.
While BTC witnessed 51% hike in the last 1 month, ETH showed strength upwards by 63%.
This is because there are some promising news in ETH that are lined up firmly.
One is the most important and exciting news on Dencun upgrade. With this upgrade- the scalability, transactions of ETH would be improved which is good for Ethereum eco-system. Considerably the gas price would also be down.
The other major information is the approval of ETH ETF would be cleared like BTC ETF.
While considering the macro-economy in the US, the good news is that U.S. economy has added 275,000 jobs in February which beats the market estimates of 200,000. But the unemployment rate in the U.S. increased by 0.2 percentage point to 3.9%. This is conducive for the crypto markets as well.
Hence, a lot of trades are being speculated that ETH would be moved to greater heights.
It is widely anticipated ETH would surpass its ATH price of $ 4891.70 which it touched on November 2021.
Let's see how it goes but besides the individual investors- many institutional investors are betting with ETH.
