Ethereum (ETH) has once again surged comfortably above the $4,000 mark, a level not seen since late 2021.
As the backbone of one of the most commercially significant blockchains, Ethereum has witnessed a notable 14.3% rally over the past week, surpassing the growth of market leader Bitcoin (BTC), which saw a 9.7% increase during the same period.
Currently, Ethereum’s market capitalization stands close to half a trillion dollars, though it would need to nearly triple in value to reach parity with Bitcoin.
Despite Ethereum’s impressive surge, today marks a significant milestone for Bitcoin, as the world’s oldest and most widely recognized cryptocurrency hits an all-time high (ATH) of nearly $72,000.
While Ethereum’s introduction of smart contracts significantly broadened the scope of blockchain capabilities and facilitated the emergence of an alternative financial ecosystem, it’s Bitcoin that serves as the cornerstone of the entire market.
Crypto in the Coming Months
There’s plenty on the horizon to anticipate from both market leaders in the near future.
Bitcoin is reaching new all-time highs fueled by fresh institutional interest, especially after the US Securities and Exchange Commission (SEC) gave the green light for the launch of 11 spot Bitcoin ETFs.
Since their introduction on January 11, these ETFs have collectively attracted nearly $10 billion in inflows.
Bitcoin enthusiasts are also eyeing the quadrennial halving event scheduled for April 19 as another potential catalyst for price movement. During the halving, miners’ block rewards are cut in half, leading to a tightening of the supply of newly minted Bitcoin.
Historically, halving events have often acted as catalysts for driving Bitcoin’s price higher, and the upcoming halving appears to follow suit, particularly with institutional demand for Bitcoin currently at record levels.
Ethereum enthusiasts are also anticipating a potential milestone on May 23. This marks the SEC’s initial deadline to render a decision on the latest batch of applications for a spot Ethereum ETF. If Ethereum ETFs receive approval, it could trigger a surge in institutional demand for Ethereum within the US, potentially propelling prices to new peaks.
On the price charts, Ethereum has demonstrated a clear upward trajectory since the beginning of February. However, with the current Relative Strength Index (RSI) approaching 70, indicating heavy buying pressure, there’s notable attention on market dynamics.
Ethereum is Great But SPONGE Is Funnier
While Ethereum and Bitcoin remain stalwarts for safe investments, a select group of coins has recently experienced explosive triple-digit percentage gains over the past seven days: meme coins.
Meme coins typically see their prices driven by viral marketing campaigns and novelty factors. However, it’s worth noting that two of the largest meme coins have evolved into serious projects within the industry: Dogecoin (DOGE), benefiting from its first-mover advantage and originality, and Shiba Inu (SHIB) on Solana, expanding its network and offering increased utility.
Among these meme tokens is SPONGE, which stands out for its combination of novelty and utility, providing more than just amusement. Serving as the native token for an innovative new ecosystem, SPONGE offers exciting prospects for investors.
Based on CoinGecko data, SPONGE has surged by nearly 100% over the past week and by 143% over the last fortnight, with its current trading price sitting at $0.003209.
Originally launched as an ERC-20 standard token on the Ethereum network, SPONGE recently underwent an upgrade and migration to version 2 on Polygon, a Layer 2 scaling solution for Ethereum.
With this upgrade, the team introduced several significant improvements, including a new staking model that guarantees a minimum yield of 40% APY. Presently, this yield stands at approximately 490%, subject to variations based on the quantity of stakes and tokens locked up.
In addition to its staking functionality, SPONGE also serves as the fuel for an upcoming racing game, where players can compete against each other to earn SPONGE rewards.
