Ethereum is standing out with many positive signs, predicting a strong recovery and growth this year.
ETH price is rising above the 2,780 USD mark, attracting large institutional capital and has the potential for a strong breakout as the cryptocurrency market shifts focus from Bitcoin to Ethereum.
MAIN CONTENT
Ethereum surpasses the 2,780 USD mark, showing a strong price recovery compared to Bitcoin.
Institutional capital inflow into Ethereum is increasing rapidly, with many ETFs purchasing large amounts of ETH.
The ETH futures trading volume surpasses Bitcoin, opening up signs of sustainable growth.
Ethereum has surpassed the 2,780 USD mark; why is this an important signal?
According to Arthur Hayes, former CEO of BitMEX, Ethereum has the potential to rise to 10,000 USD, indicating the beginning of a strong price uptrend. Currently, ETH is trading at 2,782 USD, up more than 4% in the last 24 hours, demonstrating significant strength amidst the cryptocurrency market.
Mr. Hayes has published a chart showing that ETH's price strength has begun to increase, marking a clear shift from the previous dull phase. This growth suggests a significant breakout could occur in the near future.
How is the ETH/BTC trend changing?
Since 2021, Ethereum has experienced a continuous downtrend compared to Bitcoin, with gradually lower highs and lows over time, but currently, ETH is recovering from a low of 0.02 BTC. This index has moved up to 0.025 BTC, accompanied by high trading volume, signaling strong buying momentum has formed.
In a Bankless podcast earlier this year, Arthur Hayes predicted that Ethereum could reach 10,000 – 15,000 USD, thanks to the global liquidity shift and tightening capital controls. This trend represents a significant change in the structure of the cryptocurrency market.
Ethereum could become the treasury asset for many companies in the near future, thanks to its superior growth potential compared to other competitors in the cryptocurrency ecosystem.
Arthur Hayes, former CEO of BitMEX, 2024
How is institutional capital inflow into Ethereum increasing?
Experts indicate that capital from large institutions continues to flow into Ethereum, as evidenced by the large amounts of capital pouring into ETFs investing in ETH. Just yesterday, over 211 million USD was invested in Ethereum ETFs, with BlackRock alone purchasing 158.6 million USD worth of ETH.
Data from June shows that whale wallets have increased their ETH holdings by 36%, while the amount of ETH participating in liquidity staking is nearly 1 million ETH. This demonstrates long-term confidence in Ethereum and its ecosystem, especially after a major upgrade that raised ETH's price by 50%.
The recent Fidelity report also confirms that Ethereum leads among blockchains in terms of developer activity, total value locked in DeFi (TVL), and stablecoin usage, surpassing Solana and other competitors.
What does the ETH futures trading volume surpassing Bitcoin signify?
The latest data from Glassnode shows that the Ethereum futures trading volume reached 62.1 billion USD, slightly surpassing Bitcoin's 61.7 billion USD. This is a rare event reflecting a shift in investor attention towards ETH. Similarly, ETH futures on CME reached an open position value of 3.27 billion USD, the highest since February 2024, demonstrating increasing institutional demand.
Investor Ted Pillows believes that Ethereum is showing a similar price uptrend to Bitcoin during the 2020-2021 period and a strong bounce could be imminent. With the momentum forming in the Ethereum ecosystem in the second half of 2024, the prediction of ETH reaching 10,000 USD by the end of the cycle is entirely justified.
Ethereum demonstrates exceptional strength, with futures volume higher than Bitcoin, reflecting strong interest from professional investors.
Ted Pillows, Cryptocurrency Investor, 2024
Can Ethereum reach 10,000 USD in 2024?
Based on the trend of increasing institutional capital flows, strong development activity, and futures trading volume surpassing Bitcoin, the possibility of Ethereum conquering the 10,000 USD mark is entirely feasible. Cryptocurrency experts believe that ETH's price will continue to break through in the second half of 2024 and may reach or exceed this mark by the end of the cycle.
Frequently Asked Questions
Does Ethereum have the potential to exceed 10,000 USD?
Experts like Arthur Hayes predict that Ethereum could reach 10,000 USD thanks to large institutional capital flows and a market trend shifting towards ETH.
Why is the ETH futures trading volume important?
The high futures contract volume indicates that professional and institutional investors are interested, driving prices and creating sustainable growth momentum.
What has made ETH stronger than BTC recently?
ETH is absorbing large capital flows from ETFs, trading volume is increasing, and there are important network upgrades, creating a significant upward momentum compared to BTC.
What does the increase in ETH whale wallet holdings mean?
This shows that large investors and institutions have long-term confidence in Ethereum, demonstrating the stability and growth of the ETH ecosystem.
Ethereum and Solana, which is the better development choice?
The Fidelity report shows that Ethereum leads in total value locked in DeFi, developer activity, and stablecoin usage, significantly surpassing Solana.
Source: https://tintucbitcoin.com/ethereum-huong-toi-moc-10-000-usd/
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