Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past month. The recent bullish rush in the crypto market, coupled with BlackRock’s involvement, has pushed ETH to its year-to-date high of $2,139.
Ethereum Outshines Bitcoin And Altcoins
According to market data provider Kaiko, ETH has outperformed BTC and many altcoins in recent weeks, signaling a shift in market dynamics.
Kaiko’s report highlights how ETH struggled to gain momentum over the past year, despite successful upgrades such as The Merge in April.
However, the sentiment around ETH changed dramatically when BlackRock filed for a spot ETH exchange-traded fund (ETF), leading to a reversal in the ETH to Bitcoin (BTC) ratio.
The impact on the market was substantial, with ETH prices surging above $2,000 for the first time since April. Additionally, daily spot trade volumes reached $7 billion, the highest level since the collapse of FTX.
The ETH ETF narrative provided further
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