The second-largest cryptocurrency is finally showing signs of life after spending most of 2024 overshadowed by Bitcoin. While Bitcoin has been breaking records and flirting with $100K, Ethereum has remained far below its 2021 peak of $4.9K. But on Wednesday, Ethereum surged to its highest level since July — surpassing $3.5K as institutional investors funneled fresh capital into Ethereum ETFs.

• Ethereum’s 51% year-to-date gain pales in comparison to Bitcoin’s 156% surge and Solana’s 135% rise, highlighting its relative underperformance in 2024.
• Ethereum is currently trading at a 12% discount and boasts a competitive price-to-fees ratio of 176.83x, with only Tron and Solana priced “fundamentally lower.”

Token turbulence: ETH has regained momentum as Bitcoin’s rally has cooled. Even as the world’s two largest cryptos are marinating, altcoin speculators are toiling away, hoping to recreate 2021’s feverish bull market. Altcoin trading volume has intensified, but over 60% of it is concentrated in just five tokens — showing that even popular meme trades have consolidated into the most popular coins. Of course, their resurgence could be cornered in January when Republicans take control of the government, potentially breathing new life into Bitcoin as it becomes the party’s favorite alternative.