ETH Leads Market Rally as Altcoins Outperform Bitcoin

TL;DR

• Ether is up nearly 10% in the last 24 hours and could hit the $2,700 level soon.

• Bitcoin is trading above $103k after adding 1% to its value.

Ether Approaches $1,700 After Surging Nearly 10%

Ether, the native coin of the Ethereum ecosystem, is the best performer among the top 10 cryptocurrencies by market cap. It added 10% to its value in the last 24 hours and now trades at $2,671 per coin.

If the rally is sustained, ETH could hit the $2,700 mark in the coming hours. Over the last seven days, Ether has added 45% to its value, outperforming Bitcoin and other major cryptocurrencies. Its rally can be attributed to the recent Pectra upgrade on the Ethereum network.

Dogecoin (DOGE) has also performed excellently in the last 24 hours. It is up 9%, bringing its total gains to 40% in the past seven days. At press time, DOGE is trading at $0.2429.

Other major altcoins, including Cardano (5%), Tron (4%), Solana (7%), and XRP (4%), all outperformed Bitcoin. BTC is trading at $103,900, up 1.2% in the last 24 hours and could rally above $105k soon amid improved macroeconomic indicators. 

Ruslan Lienkha, chief of markets at YouHodler, told Cryptowisser that,

“Notably, Bitcoin continues to benefit from strong internal, long-term growth drivers, such as increasing institutional adoption, supply constraints following the halving, and improving regulatory clarity. As the benchmark asset for the broader crypto market, Bitcoin’s strength has naturally led to a pickup in altcoin activity. However, this appears more like a sentiment-driven response rather than a structural rotation of capital, especially considering that most altcoins remain well below their respective all-time highs.”

The total cryptocurrency market cap now stands at $3.37 trillion thanks to the ongoing rally by altcoins.