Ethereum bounces back and regains market dominance from its historical low.
Ether has outperformed Bitcoin and the cryptocurrency market in general with a 15% rise, helping it bounce back from a historical market dominance low.
Ethereum bounces back and regains market dominance from its historical low.
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The price of Ethereum has risen after being on a downtrend for weeks, which has helped boost its market share after hitting historical lows.
has risen nearly 15% in the last 24 hours, surpassing $1,800 on April 23. It has outperformed Bitcoin, which recorded a 6% gain, and the cryptocurrency market in general, which has risen nearly 5% to recover a total market value of $3 trillion.
Ether has managed to recover nearly 30% since its crash on April 9 to $1,400, leading some analysts to suggest that the worst may be over for the world's second-largest crypto asset.
"You can hate Ethereum as much as you want, but when it has a great day, the entire cryptocurrency ecosystem rises," commented cryptocurrency trader and analyst "Income Sharks" to his 640,000 followers on X.
Market analyst "Ash Crypto" said that ETH was "about to explode," comparing Ethereum's current chart pattern to Bitcoin's performance at the end of 2024.
BTC vs ETH performance and prediction. Source: Ash Crypto
Jeff Mei, COO of cryptocurrency exchange BTSE, was not convinced that Ethereum was moving independently, stating to Cointelegraph that Ether's gain "was largely due to it following the price of Bitcoin and the market in general," and that Paul Atkins' confirmation as chairman of the U.S. Securities and Exchange Commission had boosted overall market sentiment.
Earlier this month, ETH had retraced to bearish market prices and had seen its market share decrease amid a broad market downturn clouded by fears of a trade war.
On April 22, analyst "Rekt Capital" stated that ETH's market dominance has fallen back to historical lows, but "managed to protect the historical lows of 2019 as support."
ETH's dominance fell to its September 2019 low of 7% on April 22, according to TradingView. However, its subsequent price surge has seen that metric bounce back from this critical support level and return above 7.5% on April 23.
ETH's dominance lows. Source: Rekt Capital
Fundamental catalysts supporting the movement.
Markus Thielen of 10x Research told Cointelegraph that it hasn’t taken much to push Ethereum up, as the "market is experiencing a squeeze."
Technically, Ethereum was oversold on the daily and weekly time frames, setting the stage for a bounce, he said.
"Since the upcoming upgrade is also moving to the mainnet, there is also a fundamental catalyst supporting the movement."
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investments and trading movements involve risks, and it is each person's responsibility to conduct their due diligence before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire invested amount may be lost. The services or products offered are not directed at or accessible to investors in Spain.
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Stephen Katte
Stephen Katte
10 hours ago
Report: Cantor partners with SoftBank, Bitfinex, and Tether to launch a $3 billion crypto company.
The Financial Times reports that Tether will contribute $1.5 billion, Softbank Group will add $900 million, and Bitfinex will contribute $600 million to a new cryptocurrency acquisition company, 21 Capital.
Report: Cantor partners with SoftBank, Bitfinex, and Tether to launch a $3 billion crypto company.
News
Brandon Lutnick, president of the investment banking firm Cantor Fitzgerald, has partnered with SoftBank, Tether, and Bitfinex to create a $3 billion cryptocurrency acquisition company.
Lutnick and the consortium hope to create a publicly traded cryptocurrency acquisition company to capitalize on the market under U.S. President Donald Trump, who is favorable to cryptocurrencies, and replicate Michael Saylor's Strategy company, the Financial Times reported on April 23, citing three people who have been informed about the plan.
Cantor Equity Partners raised $200 million in January for the new firm called 21 Capital. At the same time, stablecoin issuer Tether will contribute $1.5 billion in Bitcoin, Japanese investment holding Softbank Group will add $900 million, and cryptocurrency exchange Bitfinex will contribute $600 million.
Lutnick's new company hopes to raise another $350 million in convertible bonds and a separate $200 million private placement to buy more Bitcoin.
Finally, Tether, Bitfinex, and SoftBank's investments in Bitcoin will convert into shares of 21 Capital, with Bitcoin valued at $85,000 per coin and shares at $10 each.
However, the deal has yet to close, and some details may change before it is officially announced. Brandon Lutnick was appointed president of Cantor Fitzgerald when his father, Howard Lutnick, resigned to become U.S. Secretary of Commerce.
Banks, Investments, Tether
Brandon Lutnick was appointed president of Cantor Fitzgerald when his father, Howard Lutnick (right), became U.S. Secretary of Commerce. Source: White House
Cantor Fitzgerald, SoftBank, Tether, and Bitfinex did not immediately respond to Cointelegraph's request for comment.
Cantor is already well-versed in the cryptocurrency market.
Cantor Fitzgerald has managed Tether's Treasury portfolio and $134 billion in reserves, primarily in U.S. Treasury bonds, since 2021. The firm also holds a 5% stake in the stablecoin issuer.
Previously, Cantor acted as an advisor for Tether's $775 million investment in YouTube alternative Rumble last December.
For its part, on March 11, Cantor Fitzgerald said it was launching a Bitcoin financing business with $2 billion in initial capital to help institutional investors take loans against their cryptocurrency holdings. Anchorage Digital and Copper were selected as Bitcoin custodians and collateral managers.
Cantor Fitzgerald currently holds assets worth over $5 billion in a total of 275 holdings, according to Fintel data.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investments and trading movements involve risks, and it is each person's responsibility to conduct their due diligence before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire invested amount may be lost. The services or products offered are not directed at or accessible to investors in Spain.
