As a seasoned researcher with over a decade of experience in the financial markets, I’ve witnessed numerous bull runs and bear markets. However, the current altcoin rally is something truly extraordinary. The surge in large-cap altcoins like XRP, TRX, BNB, and especially Ethereum, is reminiscent of the dot-com boom of the late 90s.
In the recent weeks, the altcoin sector has experienced a strong surge in bullish energy, as the price of Bitcoin has yet to reach its anticipated $100K mark. Meanwhile, the total market capitalization (excluding Bitcoin) known as TOTAL2, has soared beyond 80% in the past five weeks, reaching approximately $1.56 trillion during the late London session on December 4.
In recent times, there’s been a significant surge in the popularity of altcoins like Ripple‘s XRP ($2.62, 7% volatility over 24 hours, market cap $149.51 B, 24h volume $40.53 B), Tron (TRX, $0.39, 62.4% volatility over 24 hours, market cap $33.61 B, 24h volume $17.18 B), and Binance Coin (BNB, $780.4, 19.9% volatility over 24 hours, market cap $113.85 B, 24h volume $7.02 B). Notably, these trends are being driven by large-cap altcoins. Additionally, the U.S., a significant global economy, is preparing to introduce supportive cryptocurrency regulations under the upcoming Trump administration.
Ethereum Accumulation Continues
In the recent days, the rate at which Ether is being accumulated has significantly increased. The total supply of ETH currently stands around $3,731, with a 24-hour volatility of 3.2%. Its market cap is currently at $449.30 billion, and in the last 24 hours, it has traded a massive volume of $43.17 billion. Interestingly, the amount of Ether on centralized exchanges has decreased by more than 212K over the past day. Notably, Bitfinex crypto exchange has seen the highest outflows of Ether in the last seven days, with over 244K tokens being withdrawn, largely driven by whale investors.
In simpler terms, U.S. Ethereum exchange-traded funds (ETFs) have been aggressively buying Ether due to the approaching “altseason.” Additionally, Bitcoin’s influence has decreased by over 6% in the past three weeks, suggesting that the altcoin market is making strong progress.
Based on recent market figures, U.S. Ether Exchange-Traded Funds (ETFs) have seen over $730 million in combined net investment since their launch earlier this year. As of December 3rd, these ETFs had a total asset value of approximately $11.22 billion, following a $132 million increase in cash inflow on Tuesday.
On Tuesday, ETHA from BlackRock and Fidelity’s FETH saw approximately $65.2 million and $73.7 million respectively flow into them in terms of new investments.
What Next?
In recent weeks, Ether’s price has surged by more than 50%, reaching approximately $3,721 during this reporting period. This significant increase places the leading altcoin in the crypto market with a fully dilated market cap of around $448 billion and daily trading volumes exceeding $44 billion. Notably, Ether has recently challenged a key resistance trend that has important implications for its long-term price trajectory.
In simpler terms, the Weekly Relative Strength Index (RSI) is climbing above 63%, while the Daily RSI is trying to surge past 70%. If Ether manages a strong bullish breakout on the weekly scale, we could see a ‘golden cross’ occur between its 50 and 200 Moving Averages (MA). This suggests that the long-term trend for Ether might be strengthening.
Should Ethereum’s ETH value show signs of a dip, be vigilant about the $3,300 price point as it could present a good chance for purchasing.
Our mid-term target remains $6,000, with a long-term outlook of $10,000!
— Ali (@ali_charts) December 4, 2024
Based on predictions by well-known crypto analyst Ali Martinez, we can anticipate that the cost of Ether may reach around $6,000 in the near future (midterm), and over $10,000 in the long run (long haul). It’s important to note though, that a possible negative factor could cause the price of Ether to dip towards the resistance level above $3,300.
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2024-12-04 15:06