Ethereum outshines Bitcoin and peers with 41% monthly surge
What's the story
Ethereum (ETH) has outperformed the broader cryptocurrency market with a whopping 41% surge in the last month. The rise is mainly due to strong ETF inflows and positive sentiment around the digital asset. Meanwhile, Bitcoin has also shown resilience, hitting a 10-day high of $119,000 amid geopolitical tensions across the globe.
Market reaction
Ethereum's recent surge and market dynamics
Ethereum's recent performance has outpaced the total crypto market cap, which only rose by 9%. Harish Vatnani, Head of Trade at ZebPay, noted that this strong outperformance has led to higher hedging demand as traders secure profits and diversify into other assets. He also observed a cautious sentiment above $4,000 with limited appetite for leveraged bullish bets despite significant net inflows into spot ETH ETFs over just two days.
Price prediction
Ethereum targets $5,000 by end of August
Ethereum has hit fresh multi-year highs, climbing 8% to $4,620. The surge is fueled by BitMine's plan to raise an additional $20 billion for ETH purchases. Vikram Subburaj, CEO of Giottus.com, said the altcoin is targeting $5,000 by the end of August. He also added that as long as Bitcoin doesn't decisively break below $116,000, the altcoin rally remains intact.