Over the past 24 hours, the total crypto market cap surged by 2%, amounting to around $2.3 trillion. Particularly noteworthy was the Ethereum price, which rose by over 5% to reach $2,545.
Rising Demand from Whales
On-chain data over the past three weeks shows that more than 547k Ether, worth over $1.26 billion, was deposited into various crypto exchanges. In addition to the poor performance of the US spot Ether ETFs, the top-tier altcoin was trapped in a bearish outlook. However, whale behavior gradually changed over the past two days, with BlackRock's ETHA leading the US spot ETH ETFs in cash inflows amounting to about $5.24 million on Thursday. Notably, none of the US spot Ether ETFs registered a net cash outflow on Thursday.
Bullish Crypto Outlook
The cryptocurrency market has shown bullish momentum in recent days following the Fed's shift to quantitative easing through a 5 bps rate cut on Wednesday. Bitcoin price led the altcoin market in a bullish outlook after teasing above $64k earlier today, as the Bank of Japan held its interest rates steady at 0.25%. From a technical standpoint, the Ethereum price is likely to continue rising and potentially outshine Bitcoin amid the ongoing crypto cash rotation favoring altcoins. Moreover, the ETH/BTC pair has significantly rebounded after dropping to a multi-year low earlier this month.
These developments suggest the potential continuation of Ethereum's price growth in the near future. Current trends in the crypto market confirm investor optimism and the prospect of further capitalization growth.
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