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Ether (ETH) Rises 8% Amid Slumping Bitcoin (BTC) Dominance

Altszn.com by Altszn.com
December 4, 2024
in Blockchain, Crypto, DeFi, Web3
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Ether (ETH) Rises 8% Amid Slumping Bitcoin (BTC) Dominance
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Having long lagged behind bitcoin (BTC) in terms of price action, ether (ETH) saw some solid gains on Wednesday, rising 8% to over $3,880 in the last 24 hours.

The second largest cryptocurrency’s price benefitted from $800 million worth of shorts closing their positions, according to Tom Dunleavy, a partner at venture studio Master Global. But it’s also profiting from a capital influx reminiscent of the 2021 bull market, CoinDesk Senior Analyst James Van Straten pointed out.

Crypto capital rotation. Credit: Checkonchain

Crypto capital rotation. Credit: Checkonchain

Bitcoin’s dominance peaked on Nov. 21 at 61.85% and has since slumped to 54.84%, Van Straten noted. Solana’s dominance has also tanked. “BTC has stayed flat, so ETH is playing catch up,” Van Straten said.

Bitcoin and Solana dominance are getting hammered. Credit: TradingView

Bitcoin and Solana dominance are getting hammered. Credit: TradingView

That also explains why so many coins in the CoinDesk 20 — an index of the top 20 cryptocurrencies, excluding stablecoins, memecoins, and exchange coins — are performing so well. While the index itself is only up 1.83% today (weighed down by bitcoin’s lackluster 1.52% gain), Ethereum Classic (ETC), Filecoin (IOU), Polkadot (DOT) and Uniswap (UNI) have surged 22%, 18%, 17% and 16% respectively over the past 24 hours.

Bitcoin did not strongly react to Federal Reserve Chair Jerome Powell’s comments at The New York Times’ DealBook Summit. Powell only briefly touched on inflation, stating that the U.S. central bank can afford to act cautiously in its search for fiscal neutrality, before CNBC host Andrew Ross Sorkin asked him whether bitcoin’s rise was due to investor fears about the fate of the U.S. dollar.

“People use bitcoin as a speculative asset,” Powell said. “It’s like gold, only it’s virtual, it’s digital. People aren’t using it as a form of payment or as a store of value. It’s highly volatile. It’s not a competitor for the dollar, it’s really a competitor for gold.”

Powell further stated that when it came to the integration of crypto in the financial system, the priority was to safeguard the health and stability of the banking system, alongside consumer protection.

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Read More: www.coindesk.com

Tags: BitcoinBTCDeFidominanceETHEtherrisesslumping
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    • bitcoinBitcoin (BTC) $ 105,718.00
    • ethereumEthereum (ETH) $ 2,549.66
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.20
    • bnbBNB (BNB) $ 654.16
    • solanaSolana (SOL) $ 150.72
    • usd-coinUSDC (USDC) $ 0.999771
    • tronTRON (TRX) $ 0.277952
    • dogecoinDogecoin (DOGE) $ 0.171189
    • staked-etherLido Staked Ether (STETH) $ 2,548.54
    • cardanoCardano (ADA) $ 0.622398
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 105,779.00
    • hyperliquidHyperliquid (HYPE) $ 40.31
    • wrapped-stethWrapped stETH (WSTETH) $ 3,075.09
    • suiSui (SUI) $ 2.91
    • bitcoin-cashBitcoin Cash (BCH) $ 466.70
    • chainlinkChainlink (LINK) $ 13.26
    • leo-tokenLEO Token (LEO) $ 9.18
    • stellarStellar (XLM) $ 0.256311
    • avalanche-2Avalanche (AVAX) $ 18.90
    • the-open-networkToncoin (TON) $ 2.97
    • whitebitWhiteBIT Coin (WBT) $ 50.54
    • usdsUSDS (USDS) $ 0.999762
    • shiba-inuShiba Inu (SHIB) $ 0.000012
    • wrapped-eethWrapped eETH (WEETH) $ 2,731.70
    • wethWETH (WETH) $ 2,551.35
    • litecoinLitecoin (LTC) $ 85.14
    • hedera-hashgraphHedera (HBAR) $ 0.152494
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • moneroMonero (XMR) $ 326.71
    • ethena-usdeEthena USDe (USDE) $ 0.999905
    • polkadotPolkadot (DOT) $ 3.78
    • bitget-tokenBitget Token (BGB) $ 4.48
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 105,750.00
    • uniswapUniswap (UNI) $ 7.59
    • pepePepe (PEPE) $ 0.000010
    • pi-networkPi Network (PI) $ 0.557247
    • aaveAave (AAVE) $ 268.61
    • daiDai (DAI) $ 0.999505
    • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
    • bittensorBittensor (TAO) $ 350.20
    • okbOKB (OKB) $ 51.13
    • aptosAptos (APT) $ 4.55
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • internet-computerInternet Computer (ICP) $ 5.29
    • crypto-com-chainCronos (CRO) $ 0.088909
    • nearNEAR Protocol (NEAR) $ 2.19
    • jito-staked-solJito Staked SOL (JITOSOL) $ 182.17
    • ethereum-classicEthereum Classic (ETC) $ 16.70
    • susdssUSDS (SUSDS) $ 1.06
    • bitcoinBitcoin (BTC) $ 105,718.00
    • ethereumEthereum (ETH) $ 2,549.66
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.20
    • bnbBNB (BNB) $ 654.16
    • solanaSolana (SOL) $ 150.72
    • usd-coinUSDC (USDC) $ 0.999771
    • tronTRON (TRX) $ 0.277952
    • dogecoinDogecoin (DOGE) $ 0.171189
    • staked-etherLido Staked Ether (STETH) $ 2,548.54
    • cardanoCardano (ADA) $ 0.622398
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 105,779.00
    • hyperliquidHyperliquid (HYPE) $ 40.31
    • wrapped-stethWrapped stETH (WSTETH) $ 3,075.09
    • suiSui (SUI) $ 2.91
    • bitcoin-cashBitcoin Cash (BCH) $ 466.70
    • chainlinkChainlink (LINK) $ 13.26
    • leo-tokenLEO Token (LEO) $ 9.18
    • stellarStellar (XLM) $ 0.256311
    • avalanche-2Avalanche (AVAX) $ 18.90
    • the-open-networkToncoin (TON) $ 2.97
    • whitebitWhiteBIT Coin (WBT) $ 50.54
    • usdsUSDS (USDS) $ 0.999762
    • shiba-inuShiba Inu (SHIB) $ 0.000012
    • wrapped-eethWrapped eETH (WEETH) $ 2,731.70
    • wethWETH (WETH) $ 2,551.35
    • litecoinLitecoin (LTC) $ 85.14
    • hedera-hashgraphHedera (HBAR) $ 0.152494
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • moneroMonero (XMR) $ 326.71
    • ethena-usdeEthena USDe (USDE) $ 0.999905
    • polkadotPolkadot (DOT) $ 3.78
    • bitget-tokenBitget Token (BGB) $ 4.48
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 105,750.00
    • uniswapUniswap (UNI) $ 7.59
    • pepePepe (PEPE) $ 0.000010
    • pi-networkPi Network (PI) $ 0.557247
    • aaveAave (AAVE) $ 268.61
    • daiDai (DAI) $ 0.999505
    • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
    • bittensorBittensor (TAO) $ 350.20
    • okbOKB (OKB) $ 51.13
    • aptosAptos (APT) $ 4.55
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • internet-computerInternet Computer (ICP) $ 5.29
    • crypto-com-chainCronos (CRO) $ 0.088909
    • nearNEAR Protocol (NEAR) $ 2.19
    • jito-staked-solJito Staked SOL (JITOSOL) $ 182.17
    • ethereum-classicEthereum Classic (ETC) $ 16.70
    • susdssUSDS (SUSDS) $ 1.06