Ethereum leads Open Interest at $8.9B: $4K on horizon?
2024-11-29

Ethereum lured millions of new holders when writing it was trading at $3,579 with an addition of 77.90 percent to its prices in the past 52 weeks. As per market experts, ETH prices are expected to reach new heights in the session, and probably can soon cross the milestone of $4k.
According to the available data Ethereum has outperformed Bitcoin 
BTC in open interest, with over $8.9 billion worth of open contracts, than Bitcoin’s $6.7 billion. It further argued that the ongoing steadiness in Ether prices is primarily fueled by ” considered repositioning.”
A spokesperson of a known centralized cryptocurrency exchange told a crypto media outlet that till the date of joining Donald Trump in his office Ethereum prices are expected to grow at an appreciable pace, and could likely surpass the mark of $4000.
As per claims, its prices could likely meet $4k as most recently Gary Gensler argued that he would resign from his post following the joining of Trump as president. Some recent speeches by Trump are majorly circulated in the market with speculations of getting favorable rules for the crypto market.Primary Factors that could set ETH above $4,000! 
There are several factors that could help ETH to surpass the mark of $4k in coming sessions, but some major ones include the departure of Gary from the SEC, the framing of favorable rules for digital assets and especially for Bitcoin and Ethereum, the overcharged bulls and surging popularity of cryptocurrencies worldwide.Source: CoinMarketCap 
Until publishing Ethereum was trading above its 20, 50, 100, and 200 days exponential moving average, with a market capitalization of $432.83 billion. 
As per some of the analysts, Ethereum and other cryptocurrencies could mirror a spike in prices in the last week of December as in the past few years the market has booked huge profits in the last week, especially of Christmas. The festival and the new year are widely celebrated in Western nations, and some of them have a huge crypto user base. 
According to the data from TradingView, the trading prices of ETH saw a growth of 57 percent in the YTD frame, and a surge of more than 43 percent was registered in the past three months. On the other hand, its market dominance has shown a reversal, losing 23.35 percent in the YTD frame. 
Ether currently dominates 13.10 percent of the vast crypto market with Bitcoin dominating more than 55 percent. The dominance of ETH is above the 20 and 40 days exponential moving average and at the same time, it was below the 100 and 200 days EMA. 
In terms of preference, Ether and Bitcoin remain most prominent among investors and digital assets enthusiasts, however memecoin like Dogecoin also proved their prominence. 
A nourishment in the market capitalization of Ethereum has been recorded in the last few sessions, with over 7.50 percent spike in the weekly time frame, growth of 37 percent in the past 30 days, and a surge of 42 percent noticed in a quarter. Source: TradingView 
ETH network has recently surpassed Tron in terms of USDT supply, the event was reportedly influenced by the minting of billions of USDT’s by the Tether.  © Todayq News