Coin Edition -
- ETH rose 4% in the past day but has been outperformed by SOL, XRP, and BTC.
- ETH ETFs reported $167.62 million in net inflows on Wednesday.
- ETH dominance has dropped to just 12.7% after XRP, SOL, BNB, and BTC shot up.
Ethereum (ETH) rose over 4% in the past 24 hours, hitting $3,853 and nearing $4,000. Despite the uptick, Ethereum lags behind top-performing altcoins like Solana (SOL) and XRP, as well as Bitcoin (BTC), all of which have posted up to 5X gains since the rally began.
Despite completing various upgrades following The Merge, Ether has failed to reach new highs and is down 21.12% from its all-time high of $4,891.70. The approval of spot ETH exchange-traded funds (ETFs) earlier this year has also failed to push the price any higher. To note, ETH dominance has dipped to 12.7%.
ETH ETF Inflows and Market Performance
According to SoSoValue data, spot ETH ETFs recorded $167.62 million in net inflows on Wednesday. The cryptocurrency’s market cap reached $463.91 billion. A total of $897.82 million has flowed into the ETH ETF space since approval in May.
Since the market uptrend began in October, ETH has lagged behind Solana (SOL), XRP, and even BNB. All three altcoins now have valuations above $100 billion. In the past month, ETH is up 58.63% while XRP has surged 355.56%. Over the past year, ETH rose only 73% while SOL jumped 289.83%. Even Cardano (ADA) and memecoins like Dogecoin (DOGE) have outperformed ETH, frustrating many ETH holders.
ETH Price Analysis: Signs of Growing Demand
The daily chart provided by TradingView shows that ETH accumulation has started to climb again, suggesting that demand for ETH is rising. The gradient of the A/C line suggests that buyers will remain in control in the near future.
Read also: Ethereum’s Hidden Strengths: Growth Signals You Can’t Ignore
The Relative Strength Index (RSI) for ETH price action is at 70.85, indicating that the digital asset is entering overbought territory. ETH may soon trade above $4,000 if investor confidence remains high.
The post ETH Lags Behind as Solana, XRP, Bitcoin Rally With 5X Gains appeared first on Coin Edition.