Ether ($ETH), the second-largest cryptocurrency by market cap had quite an eventful past couple of weeks where it recorded a new ATH every other day and breezed past the key resistance of $3,000 to set a new ATH of $3,523. While the spot market continues to thrive, the rising demand is now started to reflect in the derivative market as well.
ETH Futures recorded its biggest single-day trading volume of $90 billion amid surging spot prices and growing demand from institutions and spot traders alike. The second-leg surge in ETH comes post many wrote it off amid surging gas fee, however, the on-chain metrics and network fundamentals remain strong as many Ether proponents now believe the altcoins is not stopping until $10K.
ETH Shows Strong Fundamentals can Overcome Short Term Hurdles
Many on-chain metrics including the growing number of ETH wallets, the declining volume of Ether on exchanges, and the growing volume of staked ETH on ETH 2,0 deposit contracts have signalled the bullish surge even when the price fell to $1,945 last month during the market correction phase. As Bitcoin dominance continues to decline to a 3-year low, Ether made the most of the alt season by surging over 180% in the past month.
The talks about ETH nearing its top began as ETH/BTC was set to break past the key support of 0.03, however, coincidentally the trend reversal occurred at the same time and the pair has registered a new ATH of 0.061 since then. While most of the altcoins have surged to record highs, ETH has managed to make the most of the declining dominance to register steady gains.
Along with the spot market, the Defi market that runs on top of Ethereum has also continued to grow setting a new market cap of $131 billion and many Defi solutions and second layer scalability side chains have also gained from the growing ETH momentum.
