Ethereum boosts 8% amid ‘ultra-strong’ social and market activity

On Monday, the price of Ether (ETH) increased by 8% in cryptocurrency markets due to heightened enthusiasm on social media and positive expectations among derivatives market participants.

In the last 24 hours, Ether’s price has risen by approximately 8%. The peak price for this cryptocurrency was reached on April 9 at $3,722, surpassing Bitcoin (BTC) and the majority of its main competitors as reported by CoinGecko.

ETH’s price has hit a new peak since March 16, approximately three weeks prior. This value is now about 9% below its record high in 2024, which was $4,070. Meanwhile, it is also around 24% lower than its all-time high in 2021, which stood at $4,878.

In the last 24 hours, Bitcoin’s price has risen by about 3%, peaking at $71,395 as I pen this down.

According to social intelligence firm Lunar Crush, several factors may have fueled Ethereum’s significant growth. These factors include robust social media buzz and a thriving market scene.

“The pace of social activity is picking up rapidly, as evidenced by significant price movements and increased trading volume,” was mentioned in a post on X on April 8.

Ethereum boosts 8% amid ‘ultra-strong’ social and market activity

At the same time, Ethereum’s derivatives markets indicate a positive outlook for the asset’s value during the remaining days of this month.

Approximately $600 million is being held in open positions with a strike price of $4,000 on Deribit’s crypto futures exchange, while there are around $378 million in open positions for both the $3,700 and $5,000 strike prices.

Approximately 900,000 Ethereum options, worth around $3.8 billion, will expire at the end of April on the 26th. This event indicates a positive outlook and optimistic expectations among traders.

Ethereum boosts 8% amid ‘ultra-strong’ social and market activity

Some people aren’t as optimistic, though. Crypto expert Vijay Boyapati expressed this viewpoint in a blog post on X, published on April 8. He believes that Ethereum ETF approvals are fueling the current surge, but the excitement could fade if these applications are ultimately denied.

“All the hot money that flowed into ETH because of ETF hopium is going to go back into Bitcoin once the Ethereum ETFs are all rejected…”

Starting the week off strong, Ethereum’s surge was noted by Santiment, an on-chain analytics firm, on April 9. As a result, ERC-20 tokens have outperformed the markets with an average growth of 8.1% in the last seven days.

Currently, Toncoin (TON) has surpassed Cardano (ADA) in market capitalization, moving up to the tenth position, after experiencing a significant surge of 18.5% that brought its price to an all-time high of $6.50 on April 9.

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2024-04-09 06:24