Why is Ethereum (ETH) Surging by 8% Today?
The entire cryptocurrency market was slowly recovering. But, Ethereum (ETH) was seen outshining its counterparts. Earlier today, ETH was trading at $2,426 but it went on to rise to a high of $2,711. The asset added 10% gains over the past 24 hours. At press time, the altcoin was trading at $2,630 with a 6% surge throughout the last couple of hours. Source According to Coinglass data, open interest has increased by 15%. Meanwhile, volume has increased by 5% over the past 24 hours. This shows that investors are becoming more optimistic about Ethereum’s future. The latest spike in price and investor confidence comes after several analysts pointed out how ETH wasn’t living up to expectations in the current market. Also Read: Solana: ETF Approval Drives SOL to $160 as it Outperforms Ethereum Ethereum Turns Inflationary In 2024, the Ethereum network experienced inflation for the first time since 2022. Despite burning 465,657 ETH since the year began, the network has increased its supply...