Ethereum (ETH) Is Recovering From a Recent 8% Dip, But It's Ethereum (ETH) That's Leading the Rally

ETH gained 8% in the past 24 hours, breaking through highs not seen since May 2024. Currently ETH trades for US$3,661 (AU$5,631), an increase of 79% year-on-year.

Ethereum (CRYPTO: ETH) is outperforming Bitcoin (CRYPTO: BTC) in the latest crypto rally, with ETH surging 8% over the past 24 hours.

What Happened: ETH price now trades at $3,661 ($5,631) at the time of writing, surging 79% year-over-year.

The second-largest cryptocurrency by market capitalization is closing in on levels last seen in May 2024.

ETH is still trading far from its all-time high of $4,891 (around $7,500) reached in November 2021.

The apex coin is trading up 1.03% over the past 24 hours at $96,643 ($149,023) and has shown a seven-day gain of 10%.

Bitcoin is still down 38% from its all-time high of $158,842 (around $242,985) reached in December 2021.

ETH price also showed a strong gain versus BTC, with the ETH/BTC trading pair showing a seven-day gain of over 10%.

The trading pair is valued at 0.038 BTC at the time of writing.

At one point, the trading pair showed a 13% gain, hinting at an altcoin comeback as per analysts at QCP Capital.

Trump’s Pro-Crypto Stance Good News for Alts, Including ETH

There are several reasons why Ethereum could finally be staging a recovery.

According to Peter Chung and Min Jung, analysts at Presto Labs, three things could explain why “ETH’s disappointing performance this cycle might be nearing its end.”

Chung and Jung highlighted Trump’s pro-crypto stance, which is arguably even better for altcoins than for Bitcoin, as BTC already had clarity and even a hostile U.S. Securities and Exchange Commission classified it as a commodity.

However, clarity chair Gensler denied basically any other cryptocurrency.

The second reason is a strengthening of the ETH/BTC ratio, which had been down-trending for over two years.

The third reason is the growing interest of institutional investors, who may start looking at Ethereum exchange-traded funds (ETFs) after the success of the Bitcoin ETFs, the analysts added.

See More: Best Cryptocurrency Exchanges

Chainlink, Sui, Avax, Toncoin Surging Among Projects With Market Caps Over $500M

According to a Santiment analysis, Chainlink (CRYPTO: LINK), Sui (CRYPTO: SUI), Avax (CRYPTO: AVAX), Toncoin (CRYPTO: TON) and several others are also seeing massive price increases.

The analysis highlighted the biggest gains among projects with seven-day realized market caps of over $500 million.

Other projects to show strong gains include Aptos (CRYPTO: APT), Optimism (CRYPTO: OP), Filecoin (CRYPTO: FIL), Polygon (CRYPTO: MATIC) and Near Protocol (CRYPTO: NEAR).