Ethereum Explodes With 10% Gain—Is Altcoin Season About to Ignite?

As bitcoin enjoyed a bit of a lift on Wednesday, ether (ETH) stole the spotlight by jumping more than 10% in just 24 hours. The second-largest cryptocurrency now claims over 13% of the $3.33 trillion total market cap.

Ether’s $47B Volume Surge Sparks Wild Speculation—$7,500 Next?

Bitcoin (BTC) gained 4.4% against the U.S. dollar in the same time frame, but ether raced ahead with a 10.66% climb. So far in 2024, BTC has left ethereum (ETH) in the dust, outperforming it nearly threefold—a gap that showcases a clear difference in their market momentum this year.

Still, ethereum tends to shine when bitcoin slows its roll, and Wednesday, Nov. 27, was no exception. Ether boasted $47.87 billion in trade volume, with top exchanges like Binance, Digifinex, and Bybit leading the action.

Tether (USDT) emerged as ETH’s most popular trading pair, trailed by the U.S. dollar, FDUSD, USDC, BTC, the Korean won, and the euro. Meanwhile, on the derivatives side, ether saw $56.5 million in liquidations over the past day—$47.73 million of which came from ETH short positions. Trading at $3,647, ether still has a climb of 24.8% ahead to reclaim its all-time high of $4.8K set in 2021.

This upward momentum has sparked optimism among enthusiasts. “Ethereum weekly SuperTrend triggers buy signal,” Tony “The Bull” Severino said on X. “Ether did a 120% rally after 2023’s buy signal.” Severino added:

Another 120% from today’s signal would be $7,500 per [ethereum].

Ethereum’s recent climb hints at a possible shake-up in the crypto scene, as traders set their sights on altcoins. Blockchaincenter.net’s Altcoin Season Index (ASI) currently scores a 65 out of 100, edging closer to the 75 needed to declare it “altcoin season.” Though ether still has ground to cover to reach its peak, this momentum could revive enthusiasm for altcoins.

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