Ethereum (ETH) Surges by More Than 10%, Hitting $2,840 as Bitcoin Dominance Drops Below 60%

The price of Ethereum (ETH), the flagship altcoin, has surged by more than 10% over the past 24 hours. It is currently trading at $2,840 after giving up some gains

Ethereum (ETH) price? more than 10% in 24 hours, currently trading at $2,840 – CoinGecko

Ethereum price surged by more than 10% over the past 24 hours, reaching $2,840 at the time of writing.

This surge comes as a welcome development for ETH holders, who have witnessed the altcoin largely underperform BTC throughout 2024. In fact, the ETH/BTC pair hit several multi-year lows throughout the year.

However, recent days have seen a shift in momentum, with the ETH/BTC pair rising by an impressive 5.5% over the past 24 hours. This follows a 3.12% increase on Wednesday.

As reported earlier, data from SoSoValue also indicates a rise of more than 13.5% in the decentralized finance (DeFi) sector.

Meanwhile, pseudonymous cryptocurrency analyst Byzantine General recently predicted that Bitcoin has “a real chance” to experience a monster rally.

“This might be a short squeeze that will be talked about for years,” he noted.

However, the second-largest cryptocurrency remains around 41% away from hitting its current high. Notably, ETH reached its lifetime peak of $4,878 back in November 2021.

On the other hand, Bitcoin recently hit another record high, surging past the $76,000 level.

Bitcoin has largely benefited from the launch of spot ETFs, while Ether ETFs have failed to take off. However, there are some promising signs, such as Michigan's state pension fund recently investing around $11 million in Grayscale Ethereum Trust (ETHE), as reported by U.Today.

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