Ethereum (ETH) rose to $3,500 yesterday morning, its highest trading point in the last 4 months. The last time it crossed $3,500 was on July 21.
However, later Ethereum slipped down to $3,475, with a 3.6% daily surge and an 11.4% weekly gain. This was the biggest weekly spike in the top five cryptos by market cap.
In the course of the year, Ethereum has been ridiculed by crypto enthusiasts because of its middling gains. When other tokens made massive surges ETH only registered a 49% yearly gain. Meanwhile, its biggest competitor Solana has risen 150% over the year while Bitcoin increased by 133%.
However, the latest ETH price rally is making Ethereum overtake its competitors as it rose 3.6% in the last 24 hours to hit the market cap of $422 billion. Compared to that, Solana and Bitcoin only managed to climb 1.4% and 1% respectively.
This comes at a time when $24.6 million worth of ETH has been liquidated while ETF inflows rose to $91.3 million Friday after a week of constant outflows amounting to $222.7 million.
Ever since Donald Trump won the US election the crypto market has mostly seen green candles due to the stress on pro-crypto policies.
Although most of Trump's crypto push is related to Bitcoin, the family has launched World Liberty Financial, an Ethereum-based project. This is a lending and borrowing platform which will soon launch a stablecoin pegged to the US dollar.
However, the project's website claims the Trump family are not official employees of the forum despite their visibility in the branding. But any linkage of the US President to an Ethereum project is likely to boost its adoption.
At present, Ethereum is 28.4% off the $4,878 ATH and is likely to surge further.
At the time of writing, Ethereum was down 4.92% in the last 24 hours to reach $3305 while the trading volume declined by 1.43% to touch $43.35 billion and the market cap decreased to $398.23 billion.
