Bitcoin Resumes Rally as Ether Garners Market Attention
Bitcoin stole all of the attention in the crypto industry last week, setting a new all-time high before collapsing at the conclusion of the week. However, the rise in investor enthusiasm does not seem to have subsided just yet. The world’s most popular cryptocurrency began trading on Monday at over $63,236 after increasing 1.41 percent in the previous 24 hours.
According to Coingecko, the top crypto asset by market capitalization is up to around $64,750 at the time of writing, a 1.38 percent increase from the day’s starting value. Because of the launch of multiple Bitcoin Futures ETFs in the United States, investors’ attention has shifted.
With the prospect of Ethereum-based ETFs on the horizon, According to Gadgets 360’s cryptocurrency price tracker, Ether is poised for a significant climb in the near future. Ether is presently selling at at $4,320, up 1% from its week-opening price of $4,195. The second-most popular crypto-asset also achieved a new all-time high last week, yet the achievement went unnoticed since Bitcoin took the spotlight.
The values had dropped significantly by the end of the week, but investors seem to be anticipating a huge rebound in the near future. Memecoins Shiba Inu and Dogecoin saw significant increases again again, for reasons that are unknown.
Elon Musk, the ‘Dogefather,’ posted a picture of his puppy, sending SHIB to an all-time high on early Sunday, but afterwards reacted to a tweet indicating that he owned “None,” dampening the mood. Dogecoin, on the other hand, is up more than 8%, selling at about $0.28 at the time of publication.
While Bitcoin-linked ETFs are all the rage right now, Ether’s price swings suggest that investor focus has shifted away from Bitcoin after the debut of a Bitcoin futures ETF in the United States. The emergence of Ethereum-based cryptocurrency is also being aided by the expansion of decentralized finance (DeFi) and the current non-fungible token (NFT) craze.