- Ethereum is experiencing a price boost.
- Ether ETFs recently reversed a weeks-long sluggish course.
- The broader crypto market is thriving following Donald Trump’s election victory.
Trump’s election win has sparked a crypto market rally , breathing new life into several assets and driving fresh gains for even those with a slump. From Bitcoin (BTC) to memecoins , all-time highs, and significant upticks have been recorded across the board, fueling overall increased market activity.
Not to be left behind, Ethereum (ETH) , the second largest crypto asset, has joined the rally.
Ethereum Rallies with Fresh Gains
Following weeks of hovering below $2,500, Ethereum has seen a surge in price. The token is trading around $2,950 at press time, marking a 6% increase in the last 24 hours.
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Although modest, the gains build on a days-long positive run, bringing the token’s gains in the past week to 14%. This marks Ethereum’s highest value in over 30 days, signaling improved performance following its struggle to uphold positive momentum.
However, the token’s upward dance is not all isolated. It coincides with a surge in inflows into exchange-traded funds tied to the asset. Recently, ETH ETFs recorded almost $80 million in inflows , marking their third-highest single-day inflow since launch.
The increase in inflows also marks the reversal of weeks of fund underperformance, suggesting a parallel uptick in the ETF market and Ethereum’s price performance.
Meanwhile, Ether ETFs are not the only ones performing impressively in the exchange-traded funds world.
Bitcoin ETFs Spike Post Trump-Win
The present boost in investor confidence and overall positive market sentiment triggered an all-time high record in the Bitcoin ETF sector on November 7, when BlackRock’s Bitcoin ETF IBIT saw inflows reaching $1.12 billion.
IBIT’s record inflows dominated the total $1.38 billion recorded across all issuers, evidencing increased market interest, particularly as Bitcoin surges to a new $75,000 all-time high .
Other issuers also recorded impressive inflows. These include Fidelity’s FBTC, Grayscale’s Mini Bitcoin Trust (BTC), and Ark Invest’s ARKB, which drew $190.92 million, $20.38 million, and $17.61 million, respectively.
On the Flipside
- Despite the uptick, Ethereum remains approximately 40% at its all-time high.
- While the market is currently bullish, volatility remains a concern.
- At press time, Bitcoin is trading at $76,252.
Why This Matters
Reclaiming the $3,000 level would mark a turning point for Ethereum, signaling a potential reversal in its trajectory and putting the token back on track toward recovering its previous price highs.
Find out more about Bitcoin’s uptick and the broader market boom here:
Bitcoin’s Surge to $73K Sparks ETF Investor FOMO
The U.S. city of Detroit is opening up to crypto; here’s how:
Here’s How Detroit Is Betting Big on Crypto
