According to TradingView statistics, the price of Ethereum’s native token extended its surge into the weekend, trading above R269K for much of Sunday.
On Sunday afternoon, the coin was up around 4%, continuing a rise that began in the middle of July. It is up roughly 6% in the last 24 hours. The coin’s price has increased by more than 40% after bottoming out just above R16.8K.
Hedge firm LedgerPrime stated in a market analysis letter distributed to counter-parties that “Ethereum continues to outperform the rest of the cryptos.” “ETH seemed to form a base above the R25K level, from which it began a new increase and climbed throughout the week to R27.7K, where significant resistance was found.”
To be sure, ether isn’t the only cryptocurrency enjoying gains; Solana and MATIC are up 4.1% and 5.7%, respectively, in the last 24 hours. Over the last 10 days, the market has gained nearly 19 %, and the overall market cap has surpassed R17.7 trillion once more.
Bitcoin has advanced at a slower rate than Ethereum, increasing in value by around 15% throughout the same time span.
The shift of Ethereum from proof-of-work to proof-of-stake is rapidly approaching. Cumberland, a cryptocurrency market maker, said this week that institutional investors are expanding their long bets in ether.
“On July 6th, the Sepolia testnet successfully merged to proof-of-stake, setting the stage for an early-autumn mainnet merge,” the firm tweeted.
Ethereum is still a long way from reaching its all-time high of roughly R80.8K, which it reached in November of last year. Since then, the coin’s price has fallen in lockstep with that of other crypto assets, plummeting between June and May amid broader market turmoil.