The cryptocurrency market is experiencing dynamic days marked by increasing demand for risky assets and a notable rise of Ethereum (ETH) . Bitcoin (BTC) finds strong support at the $93,000 level, while ETH’s surge of over 4% captures attention. During this period, BTC’s 1.5% loss indicates a shift in market focus towards ETH. The ETH/BTC trading pair has increased by 13%, reaching a level of 0.0366.
Ethereum’s Performance Impresses
Bitcoin’s short-term decline has strengthened Ethereum’s leadership in the market. ETH has rebounded by 13% from a low of 0.0318 following recent elections. Additionally, ETH’s daily performance currently surpasses the CoinDesk 20 Index, which has only seen a 0.5% increase. According to QCP Capital, this indicates a shift in investor appetite favoring ETH.
On the other hand, MicroStrategy’s recent Bitcoin investment led to a sharp decline in its share value. The company acquired $5.4 billion worth of BTC at an average price of $97,862, resulting in a 35% drop in its shares. However, the stock price found support at the 20-day simple moving average and showed signs of recovery above $350.
Trump and Bessent’s Plan Boosts Market Confidence
The nomination of Scott Bessent as Treasury Secretary by re-elected President Donald Trump positively impacted global markets. The Dow Jones Index rose by 439 points, reaching 44,860. The S&P 500 surpassed the 6,000 threshold, while the Nasdaq Composite Index gained 0.75%.
Bessent presented a plan called “Three Arrows” aimed at reducing the budget deficit to 3% by 2028, achieving a 3% growth rate, and increasing daily oil production by 3 million barrels. His market-friendly approach and indications of easing tariffs from Trump have boosted investor confidence.
This wave of optimism in the markets is also reflected in the cryptocurrency market. Specifically, ETH is in a consolidation phase, solidifying its leadership with new investment flows and strong price movements. In this period of increased risk appetite, investors are closely monitoring ETH in the altcoin market.
