ETH holders seems to be enjoying a wave of positive momentum, reflecting the broader cryptocurrency market’s recent gains. Over the past few days, Ethereum has surged by more than 35%, reaching a high of $3,230 as per the data from CMC.
The recent gains signaled increasing investor interest and highlighted the alt coin’s resilience as it continues to attract market attention alongside Bitcoin’s recent upward movement. As per some analysts, in reference of the U.S. presidential election results, a substantial $10 billion worth of ERC-20 stable coin flowed into cryptocurrency exchanges, including most of the USDT minted by Tether.
In addition to the surge of ERC-20 stable coin inflows, another promising trend for Ethereum has seen a boost in its retail investors. Historically, large inflows of this magnitude have correlated with bullish rallies in the market, as seen during the period between September 2020 and February 2021. If this pattern holds, Ethereum and the broader market may be poised for another upward trend.
As of now, at the time of writing this article, ETH is trading around $3,200 and has seen a significant growth of over 5% in its price in the last 24 hours and over 30% jump in the last seven days and is ranked #2 with a market capitalization of nearly $384 Billion as per CMC.