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Ethereum retakes $3K 🚀

Ethereum retakes $3K 🚀

Finally! After a few flat months and growing frustrating among backers, Ethereum is actually outpacing Bitcoin for a change.

Andrew Hayward
November 09, 2024

📝 What you need to know

It’s been a tough few months for Ethereum, which failed to make much traction on the charts even as Bitcoin started pushing towards a new peak. But ETH finally found a rocket ship this week following Donald Trump’s big election win, blasting off and finally retaking $3,000 overnight for the first time since the start of August.

ETH is now up 22% on the week, while Bitcoin has to settle for a measly 10%. Granted, the numbers don’t tell the whole situation. Bitcoin has set multiple new price records since Tuesday night, freshly peaking above $77,000 on Friday. ETH is still a whopping 38% down from its peak set three full years ago.

What’s up with Ethereum? Last month, VanEck Head of Digital Assets Research Matthew Sigel pointed to “changing fundamentals” for ETH, with layer-2 scaling networks sapping revenue away from Ethereum itself. Add in muted demand for Ethereum ETFs ahead of this week’s broader surge for crypto and risk-on assets and there’s clearly a difference in momentum compared to bullish Bitcoin vibes.

But $3,000 is undoubtedly a welcome milestone for ETH advocates. We’ll see whether it still has more room to run as analysts project more crypto gains ahead.

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💬 Quote of the Day

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“This shift in narrative to an administration that has signaled they want to address regulatory enforcement actions on a platform like Ethereum is probably more beneficial for Ethereum than it is for other projects like Bitcoin.”

Kraken Head of Strategy Thomas Perfumo on what Trump’s win means for crypto

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