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Ethereum Soars Over 11% Above $2,530, Institutional Products Attract $55 Million This Year

In 2024, Ethereum (ETH) has experienced a remarkable surge, with its price increasing by over 11%. This upward trend has persisted since December 2023, with consistent growth driven by a rise in institutional investments in Ethereum-based products.

As of the present moment, Ethereum is trading at $2,537, reflecting a 5.37% increase in the last week and an impressive 14.56% rise over the past month. Despite a minor market correction, bullish sentiments prevail, suggesting the potential for further gains.

In the preceding year, Ethereum demonstrated substantial growth, closing at $2,294 with a notable 91% price increase. During this time, trading volumes and institutional involvement were relatively low, but there was a noticeable upswing in the fourth quarter.

Analyzing the quarterly price performance, Q1 2023 recorded the most significant growth, propelling Ethereum to $1,792 and recovering losses incurred during the bearish season of 2022.

The year 2022 was marked by industry upheavals and broader macroeconomic financial challenges, leading to a significant crypto price crash. Leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) both experienced losses exceeding 55%.

Ethereum, however, maintained a relatively stable sideways trading pattern during this tumultuous period, with key indicators pointing towards its growth potential. This prompted wealth managers to identify Ethereum as the asset with the highest growth prospects even amidst the bear market conditions.

Ethereum marches uphill

In the fourth quarter of 2023, Ethereum gained significant bullish momentum, resulting in a substantial price surge, and investment products attracted inflows, ultimately ending the year on a positive note.

The beginning of the current year witnessed a surge in inflows into cryptocurrency products, largely driven by widespread anticipation of the approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC).

During the initial week, digital asset funds attracted $151 million in inflows. While Bitcoin (BTC) dominated these inflows, Ethereum recorded an impressive $30 million, positioning itself ahead of its competitor Solana (SOL). Solana had previously garnered institutional favor and consecutive weeks of inflows.

In the most recent week, Ethereum saw inflows of $26 million into its products, bringing its total for the year to $55 million and a remarkable $241 million over the past ten weeks.

Many analysts attribute this bullish trend to the institutional interest in the market, primarily revolving around the anticipation of the SEC’s approval of the spot Bitcoin ETF.

Following the SEC’s approval, digital asset investment products witnessed a substantial influx of $1.18 billion, and trading volumes reached a peak of $17.5 billion, as reported by CoinShares data.

During the previous week, Ethereum attracted inflows amounting to $26 million, whereas XRP received $2.2 million in inflows. Solana, on the other hand, experienced a notable exception, receiving only $0.5 million in inflows.

While Ethereum’s price has risen over the past seven days, Bitcoin (BTC) has experienced a decline of $6.46%, following a correction shortly after the spot ETF approval. Many analysts had foreseen this price increase, with Matrixport projecting a price surpassing $50,000 for Bitcoin.

In the same timeframe, altcoins like Solana and Cardano have performed well, recording gains of 4.95% and 3.37%, respectively, over the past seven days.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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