Ethereum Nears $3700 Amid Capital Shift from Bitcoin

On the night of November 28, Ethereum’s price rose above $3680, outpacing Bitcoin in growth rate. QCP Capital observed signs of capital flowing into altcoins, reports The Block.

According to CoinGecko, over the past 24 hours, the leading cryptocurrency increased by 2.5%, while Ethereum rose by 5.1%, XRP by 7.6%, BNB by 5.1%, Cardano by 4.6%, and Solana by 2.8%.

This shift in sentiment was reflected in a 9.7% rise in ETH/BTC since the beginning of the week, with more than half occurring on November 27.

According to DeFi Llama, over the past week, Ethereum’s TVL increased by 14.1% to $69.45 billion, the highest growth rate among its competitors.

November 28, 2024 | 14:11Update:

On November 27, inflows into spot Ethereum ETFs amounted to $90.1 million. A positive trend has been observed for four consecutive days.

The total assets under management of exchange-traded funds reached $10.8 billion.

On November 15, the daily on-chain transfer volume in Ethereum (7 DMA) reached a year-to-date high of $7.13 billion.

Earlier in November, the blockchain of the second-largest cryptocurrency by market capitalization surpassed TRON in Tether supply.

Previously, an analyst known as Wolf identified the formation of a “Triangle” pattern on Ethereum’s chart since November 2021. In his view, a potential price breakout from this consolidation zone targets $20,000.