Ethereum Surpasses Bitcoin in Weekly Gains

Ethereum surpasses Bitcoin in weekly growth, renewing nine-month highs. The leading altcoin surpassed $4,000 for the first time since March

Ethereum (ETH) surpassed Bitcoin (BTC) in weekly growth. The altcoin is up 7.5 per cent, while the leading cryptocurrency is up 3.5 per cent. For the past two years, ETH had slowed relative to BTC in growth, but over the weekend, the coin hit a new nearly nine-month high, surpassing $4,060 for the first time since late March.

Ethereum's rate has soared above $4.000 several times on 7 and 8 December, but by 4 p.m. on 9 December, ETH had fallen to $3,860. In the past 24 hours, the altcoin is down 3.2% and its market share is 13.36%.

Ethereum's lag behind Bitcoin has been caused by a number of reasons. These include the emergence of competitors such as Solana and BNB Chain, and the transition from mining to staking, according to experts.

Bitcoin's (BTC) rate fell below $98,000 on 9 December. In the night of 8-9 December, the coin's price rose above $101,200, but in half a day it fell by more than $3,000 to $97,900, according to CoinGecko. As of 4pm, BTC is trading around $98,400.

The top cryptocurrency is down 1.4 per cent in the past 24 hours. Bitcoin's capitalisation is $1.9 trillion, with a trading volume of $85 billion in the past 24 hours. Bitcoin's market share is 55.98%, according to TradingView.

According to analysts, the technical analysis of Bitcoin's chart indicates the formation of a consolidation pattern: after strong price jumps, the market is in the accumulation phase, with potential target levels for BTC at $112.000 and $130,000.

What's Happened in the Cryptocurrency Market

In the past week, Ethereum has surpassed Bitcoin in terms of growth, with ETH seeing a notable increase compared to BTC's more moderate rise. Several factors contributed to this change, including Ethereum's continued progress in network scalability and its growing adoption in decentralised finance applications (DeFi). In addition, enthusiasm for Ethereum's recent upgrades, such as the Shanghai upgrade, has boosted investor confidence. Meanwhile, Bitcoin has been relatively stable, reflecting its status as a store of value and its ongoing institutional adoption. As market sentiment continues to evolve, Ethereum's growth trajectory highlights the dynamic and rapidly evolving nature of the cryptocurrency landscape.

The total market capitalisation of cryptocurrencies fell 4% in one day, to $3.72 trillion. The total trading volume of digital currencies in the past 24 hours was $255 billion.

In the past 24 hours, the top 10 cryptocurrencies by capitalisation have shown a decline. Cardano (ADA) recorded the biggest fall, with an 8 per cent decrease. The least significant decrease after Bitcoin was that of Binance's BNB token (BNB), which saw a 2.5 per cent drop in price.

Of the top one hundred cryptocurrencies, the Solana Swap (SOS) token saw the largest growth, with a 29.7 per cent increase. The biggest one-day drop was Quant (QNT), down 12.1%.

The Cryptocurrency Market Seeing 493 million dollars of liquidations, While Ethereum ETF Inflows Reach a Record of $428 Million

Faced with sharp rises in cryptocurrency rates, exchanges liquidated the positions of 199.000 traders in 24 hours, totalling $493 million. Of these, the majority involved altcoins. Orders of $59 million were closed for bitcoin and $52 million for Ethereum. 82% of the closed positions were long.

Despite the fact that Ethereum's momentum has been one of the weakest among the top 10 largest cryptocurrencies this year, analysts saw signs of a pick-up in investor interest at the end of November. After the 5 December trading session, inflows into Ethereum exchange-traded funds (ETFs) in the US reached a record $428 million, while the total amount of net revenue in these ETFs as of 9 December was $13.36 billion.