{"id":12374,"date":"2024-04-09T10:16:20","date_gmt":"2024-04-09T07:16:20","guid":{"rendered":"https:\/\/forklog.com\/en\/ethereum-surges-8-amid-robust-network-and-market-activity\/"},"modified":"2024-04-09T10:16:20","modified_gmt":"2024-04-09T07:16:20","slug":"ethereum-surges-8-amid-robust-network-and-market-activity","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethereum-surges-8-amid-robust-network-and-market-activity\/","title":{"rendered":"Ethereum Surges 8% Amid Robust Network and Market Activity"},"content":{"rendered":"<p>The price of the second-largest cryptocurrency by market capitalization increased by nearly 8% in a day\u2014from $3400 to $3650\u2014amid growing optimism among traders and anticipation of exchange-traded funds.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/wW01N03CKtFVCHok1oSRzNsyeL1TtS_BEEOLBmHT-yzPmfbAtkQJzvJWBW9edWVwavomNsK2KV2T7szWxL18Mc2q-a8h6xn1UQqpod1yWI2JM12VK0tIQSM5miFcSb28Fb7gvXGcVFX3cjuZ9JNTL70\" alt=\"Ethereum \u043f\u0440\u0438\u0431\u0430\u0432\u0438\u043b 8% \u043d\u0430 \u0444\u043e\u043d\u0435 \u00ab\u0441\u0432\u0435\u0440\u0445\u0441\u0438\u043b\u044c\u043d\u043e\u0439\u00bb \u0441\u0435\u0442\u0435\u0432\u043e\u0439 \u0438 \u0440\u044b\u043d\u043e\u0447\u043d\u043e\u0439 \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u0438\"\/><figcaption class=\"wp-element-caption\">15-minute ETH\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSDT\/\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>In daily dynamics, the asset outperformed Bitcoin and other close competitors. ETH is trading 24% below its all-time high.\u00a0<\/p>\n<p>According to analysis by Lunar Crush, Ethereum&#8217;s momentum is driven by several factors, including &#8220;ultra-strong&#8221; user engagement.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?Ethereum is showing ultra-strong activity today, eclipsing many other assets\u2026<\/p>\n<p>14 hours ago<br \/>Average social and market activity gave <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> a LunarCrush AltRank\u2122 of 64.<\/p>\n<p>11 hours ago<br \/>Social activity accelerates as price also rises resulting in a much stronger AltRank\u2122 of 10.\u2026 <a href=\"https:\/\/t.co\/9ppFegfuv4\">pic.twitter.com\/9ppFegfuv4<\/a><\/p>\n<p>\u2014 LunarCrush (@LunarCrush) <a href=\"https:\/\/twitter.com\/LunarCrush\/status\/1777423537005043929?ref_src=twsrc%5Etfw\">April 8, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Social activity continues to accelerate, driven by strong price action and market volumes,&#8221; experts noted.\u00a0<\/p>\n<\/blockquote>\n<p>According to <a href=\"https:\/\/metrics.deribit.com\/options\/ETH\">Derbit<\/a>, open interest in ETH options is around $600 million with a strike price of $4000. At the $3700 and $5000 levels, the figure is $375 million.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/EHh957q_7Yv_fBVp2NJB-8O2hN5eT_PgqJNRkkErRPanWWysWfYR-QM0cSgsvrvtk0fejxfkHFcr23HKiLt09-j6Oq21cLKIyyxNUz7bFz3MB3OZqYQsW_3E02GGRZ-dUnuStP49MU836XyN7iDFcgY\" alt=\"Ethereum \u043f\u0440\u0438\u0431\u0430\u0432\u0438\u043b 8% \u043d\u0430 \u0444\u043e\u043d\u0435 \u00ab\u0441\u0432\u0435\u0440\u0445\u0441\u0438\u043b\u044c\u043d\u043e\u0439\u00bb \u0441\u0435\u0442\u0435\u0432\u043e\u0439 \u0438 \u0440\u044b\u043d\u043e\u0447\u043d\u043e\u0439 \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u0438\"\/><figcaption class=\"wp-element-caption\">Open interest in Ethereum options. Data: Derbit.\u00a0<\/figcaption><\/figure>\n<p>Cryptocurrency author and developer Vijay Boyapati emphasized that the likelihood of spot Ethereum ETF approval is a driving force for the asset. However, he believes the momentum may end if the instruments are rejected.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">All the hot money that flowed into ETH because of ETF hopium is going to go back into <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> once the Ethereum ETFs are all rejected.<\/p>\n<p>\u2014 Vijay Boyapati ? (@real_vijay) <a href=\"https:\/\/twitter.com\/real_vijay\/status\/1777461171316236367?ref_src=twsrc%5Etfw\">April 8, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;All the hot money that flowed into ETH due to ETF hype will return to Bitcoin,&#8221; the expert warned.\u00a0<\/p>\n<\/blockquote>\n<p>Analytical firm Santiment stated that &#8220;thanks to Ethereum&#8217;s rise at the start of the week,&#8221; ERC-20 assets &#8220;on average significantly outperform the market.&#8221; Over the past week, the sector has grown by 8.1%.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">? Powered by <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a>&#8216;s rise to start the week, <a href=\"https:\/\/twitter.com\/hashtag\/ERC20?src=hash&#038;ref_src=twsrc%5Etfw\">#ERC20<\/a> assets have been well ahead of the markets on average. The sector has grown by +8.1% in the past week. Keep an eye on the continued surge of <a href=\"https:\/\/twitter.com\/search?q=%24TON&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$TON<\/a> (+21%), <a href=\"https:\/\/twitter.com\/search?q=%24LDO&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$LDO<\/a> (+12%), and <a href=\"https:\/\/twitter.com\/search?q=%24ENA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ENA<\/a> (+12%)<\/p>\n<p>Watchlist link: <a href=\"https:\/\/t.co\/uex3LH2qHC\">https:\/\/t.co\/uex3LH2qHC<\/a> <a href=\"https:\/\/t.co\/9wAvW1TLYe\">pic.twitter.com\/9wAvW1TLYe<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1777498088305000755?ref_src=twsrc%5Etfw\">April 9, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, JPMorgan expert Nikolaos Panigirtzoglou suggested that the US Securities and Exchange Commission might eventually approve spot ETFs based on the second-largest cryptocurrency by market capitalization.<\/p>\n<p>In March, Bloomberg exchange analyst Eric Balchunas <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-analysts-lower-odds-of-spot-ethereum-etf-approval-to-35\">halved the probability<\/a> of launching the instruments in May\u2014from 70% to 35%. In the same month, specialists from market maker GSR <a href=\"https:\/\/forklog.com\/en\/news\/gsr-lowers-may-approval-odds-for-ethereum-etf-to-20\">estimated the chances at 20%<\/a>.<\/p>\n<p>In the first quarter, Ethereum&#8217;s net profit reached $369 million\u2014tripling compared to the previous reporting period. Over this period, more than $1.1 billion was spent on fees.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of the second-largest cryptocurrency by market capitalization increased by nearly 8% in a day\u2014from $3400 to $3650\u2014amid growing optimism among traders and anticipation of exchange-traded funds. 15-minute ETH\/USDT chart on Binance. Data: TradingView.\u00a0 In daily dynamics, the asset outperformed Bitcoin and other close competitors. ETH is trading 24% below its all-time high.\u00a0 According [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,46],"class_list":["post-12374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-ethereum"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12374","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=12374"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/12373"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=12374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=12374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=12374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}