Altcoin
Top 5 Reasons Why Ethereum Price Is Rising, Rally To Sustain?
The Ethereum price has surged nearly 3% today, grabbing the investors’ attention. Notably, the Ethereum performance has further gained notable traction as its surge coincides with the downturn performance of Bitcoin price during writing. Although the Spot Ethereum ETF buzz has likely bolstered investors’ confidence, there are other reasons as well that may have contributed to the recent gains in the Ether price.
5 Reasons Why Ethereum Price Is Rising Today
Although there could be a flurry of trends and macroeconomic events that may have fueled gains in the Ethereum price today, here we discuss the top five reasons behind the surge.
Ethereum ETF Buzz
The recent regulatory approval by the U.S. SEC for the Spot Ethereum ETF last week has fueled investors’ confidence. Although the Ethereum price witnessed volatile trading last week following the approval news, the investors seem to be shifting their focus toward the second-largest crypto by market cap this week.
Meanwhile, the success of the Spot Bitcoin ETF in the U.S., which sent the Bitcoin price to its new all-time high in mid-March, has contributed to the positive sentiment. Comparing Bitcoin’s performance, the market participants now anticipate Ethereum to show a similar performance.
Pectra Update Boosts Sentiment
Ethereum’s price surged today following the recent announcement that core developers plan to roll out the Pectra upgrade by the first quarter of 2025 in a crucial execution layer meeting. Pectra, succeeding the Dencun upgrade implemented in March 2023, incorporates the Ethereum Virtual Machine Object Format (EOF) and introduces EIP-7251.
Meanwhile, this update is expected to enable individual validators to stake up to 2,048 ETH, significantly higher than the current limit of 32 ETH. Besides, this upgrade, comprising 11 improvement proposals, is expected to enhance EVM code on both Layer 1 and Layer 2 levels, potentially reducing operational complexity for validators.
Also Read: Can TON Price Recover Soon Or A Bigger Fall Is Inevitable?
Pro-Crypto Stance of Donald Trump
In a recent Telegram update, QCP Capital said that the pro-crypto comments from Donald Trump might have triggered the Ethereum price surge today. Additionally, the report also suggests that the investors are shifting focus toward Ethereum from Bitcoin, with anticipation of growing institutional demand once the Spot Ethereum ETF starts trading.
Notably, Donald Trump has recently said that he is focused on the growth of cryptocurrency firms while deeming it as a “new and burgeoning industry“. In addition, he also expressed his view towards making the U.S. as a leading player in the digital asset space.
Analysts Bullish Outlook
Several analysts have offered a bullish outlook for the Ethereum price. For context, DeFiance Capital Founder Arthur has offered a bullish outlook for the Ethereum price, saying that the Ether price could hit $4,500 before the Spot Ethereum goes live in the U.S.
In addition, crypto experts Michael van de Poppe and Rekt Capital predict a surge in Ethereum’s value, citing low altcoin valuations and impending consolidation. Van de Poppe anticipates Ethereum hitting new highs, while Rekt Capital highlights potential benefits for altcoins as Ethereum consolidates a post-ETF rally.
Meanwhile, Rekt Capital also identifies a key support level for Ethereum, suggesting a weekly close above it will confirm bullish momentum.
Whale Accumulation Boosts Ethereum Price
Today’s surge in Ethereum’s price is also attributed to significant whale activity, as highlighted by Lookonchain’s recent updates. Last week, an Ethereum whale’s strategic purchase of 8,733 ETH, followed by a $24.7 million investment in Ethereum ecosystem tokens post-SEC approval, spurred bullish sentiment.
In addition, today, another whale withdrew substantial amounts of ETH and Ethereum meme coin PEPE Coin from Kraken, totaling millions in value. With consistent withdrawals since March, the whale has accumulated significant profits, signaling confidence in Ethereum’s long-term prospects.
Price & Performance
Ethereum price has surged 2.61% and exchanged hands at $3,902.23, after touching a 24-hour high of $3,950.87 in the last 24 hours. Simultaneously, its trading volume soars over 64% to $17.85 billion from yesterday.
Meanwhile, according to CoinGlass data, the Ethereum Futures Open Interest jumped 4.45% to $17.04 billion. On the other hand, the Ether Options Open Interest rose 1.63% from yesterday to $6.38 billion.
Also Read: 4 Top Altcoins To Rally This Week
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Dogecoin Code Appears In CyberTruck And Model 3 Website, Will Tesla Accept DOGE Payments For Cars Soon?
Dogecoin enthusiasts recently reignited discussions on the meme coin’s future after an observation shared on the social media platform X. KrissPax, a Dogecoin enthusiast, highlighted a curious detail that showed that DOGE is the only cryptocurrency currently embedded in the payment code for Tesla’s Cybertruck and Model 3 vehicles. Interestingly, this plays into the current bullish sentiment surrounding DOGE and rumors about Tesla’s plans to officially accept DOGE as a payment method.
Dogecoin Code In Tesla’s Payment: A Long-Standing Detail Revisited
The inclusion of Dogecoin in Tesla’s payment infrastructure has been known for some time, but the timing of its renewed focus has drawn attention. Notably, it comes during a notable price correction for the meme cryptocurrency.
Back in October 2023, reports surfaced about mentions of DOGE in the source code of Tesla’s Cybertruck checkout page. Particularly, crypto influencer MartyParty identified over 50 references to Dogecoin within the code.
However, the renewed interest stems from a recent post by Dogecoin enthusiast KrissPax on the social media platform X. He highlighted the presence of a DOGE code in Tesla’s payment systems, stating:
“Just remember, there is Dogecoin in the Cybertruck and Model 3 Tesla payment codes. Not any other crypto – just Dogecoin. Just waiting for Tesla to turn this option on!”
Although Tesla’s Cybertruck has since been launched, this year, the DOGE payment feature has not yet been activated. Nonetheless, its presence in the code suggests that Tesla is keeping the door open to allow DOGE transactions in the future.
What Does This Mean For DOGE?
Tesla CEO Elon Musk has long been a vocal supporter of Dogecoin, often relaying its use for everyday transactions. His enthusiasm for DOGE has been evident through numerous public endorsements, including Tesla’s decision in January 2022 to start accepting DOGE as payment for select merchandise. This endeavor created some sort of utility for DOGE, which is known for its meme status.
However, a final integration of DOGE as a payment method for Tesla cars would be the final straw in the electric vehicle maker’s creation of utility for the meme coin. A move of such magnitude would not only improve Dogecoin’s adoption but also open it up to another path of inflows, which would in turn benefit its price growth. Furthermore, other companies could follow in the footsteps of Tesla and make DOGE a payment method.
Interestingly, such a move would not be the first time Tesla accepted crypto payments for its vehicles. Back in 2021, Tesla started allowing customers to use Bitcoin as a form of payment. However, the initiative was short-lived, as Tesla discontinued Bitcoin payments just months later due to environmental concerns over the growing energy consumption of Bitcoin mining and transactions.
At the time of writing, the Dogecoin price is trading at $0.3842, down by 0.92 and 1.69% in the past 24 hours and seven days, respectively.
Featured image created with Dall.E, chart from Tradingview.com
Altcoin
5 Key Indicators To Watch For Ethereum Price Rally To $10K
The Ethereum price has surged more than 7% recently, with recent indicators hinting towards a potential ETH rally to $10K ahead. Notably, the recent surge also indicates a bullish momentum for the crypto ahead. So, here we explore some of the top indicators that could propel an ETH price surge ahead.
5 Indicators To Watch For Ethereum Price Rally Ahead
A recent X post from top on-chain analytics platform IntoTheBlock highlighted that Ethereum often follows Bitcoin’s rallies. While mixed signals exist, certain metrics suggest optimism. The platform noted that whales continue accumulating ETH, indicating confidence in the asset’s long-term growth. Increased transaction volumes and minimal selling pressure from holders are also contributing to Ethereum’s positive outlook.
In addition, one critical indicator is daily transactions, which recently rose to 1.22 million from 1.1 million three months ago. This slight uptick reflects growing network activity and rising demand for Ethereum.
Another key metric is large holder netflow, which tracks the buying activity of whales. When whales accumulate, it reduces sell-side pressure and supports price appreciation. Short-term holder behavior also warrants attention.
Meanwhile, increased activity among short-term investors often aligns with heightened retail interest. The holding time of transacted coins is another bullish sign. A steady hold time suggests that long-term investors are retaining their assets, keeping supply constrained as demand grows.
Lastly, exchange flows reveal sentiment trends. Significant outflows from exchanges typically indicate accumulation, signaling confidence among investors.
ETH Rally To $10K Imminent?
ETH price today was up nearly 8% and exchanged hands at $3,343, while its one-day trading volume rocketed 61% to $45.19 billion. In addition, Ethereum Futures Open Interest also rose more than 13%, indicating a strong market confidence towards the crypto.
Amid this, a top crypto market expert predicts ETH price to hit $10K in the coming days, sparking market speculations. However, despite that, a recent Ethereum price analysis hints that the top altcoin should soar past the $4K mark, before its further rally.
Having said that, a flurry of crypto market experts anticipates the crypto to continue its rally in the coming days. In addition, as BTC hits a new ATH recently, the market pundits expect the altcoins to follow suit, especially amid soaring optimism towards a clear regulatory path after Donald Trump’s election win.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Agency Reiterates “Digital Assets Securities” As XRP Eyes $2
Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.
US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit
In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”
“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”
Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.
Here we go again “digital asset securities.”
Unbelievable. https://t.co/vqCbEJ9PNh— MetaLawMan (@MetaLawMan) November 20, 2024
The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.
Will XRP Lawsuit Get Dismissed?
The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.
Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.
Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.
XRP Price Rally to $2
XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.
Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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