the value of the crypto exceeds $3,200

Yesterday, the value of Ethereum surpassed 3,200 dollars, emerging amidst the enthusiasm for the bull momentum of the crypto market.

After Donald Trump’s victory in the U.S. presidential elections, the crypto markets started to pump, with no exception for the second currency after Bitcoin.

Now Ethereum is worth more than Bank of America in terms of market capitalization.
Let’s see all the details below.

Ethereum (ETH) turns bull after Donald Trump’s victory in the USA elections

Immediately after the victory of Donald Trump in the US presidential elections, the value of Ethereum and the entire crypto market skyrocketed.

The entry into the White House of an American president, who has described himself as a supporter of digital assets, has brought a fresh wave of optimism.

Consider that the success of the Tycoon has even led Bitcoin to register new all-time highs, with the crypto now trading above 80,000 dollars.

Ethereum, on the other hand, although it is still far from surpassing the previous ATH, has marked a nice bull jump with a performance of +29.5% in the week.

The value of the currency has exited the 2.800-2.200 range, which had lasted for over three months, to move on to attack higher quotation levels.

With a vertical leg up, Ethereum has broken through the resistance of 3,200 dollars, suggesting the arrival of a potential parabolic phase.

RSI and volumes have accompanied the bull movement of the crypto, giving greater significance to the latest milestone achieved.

Today prices are in slight contraction with a pause of -1.5%, while the bulls recharge their batteries for the next upward ride.

The next target is set at 3,500 dollars.

Ethereum surpasses $3,200: market value greater than Bank Of America

With Ethereum above 3,200 dollars, the market value of the crypto is greater than that of several established stocks.

In the last 7 days, the currency has recorded an increase in market capitalization of about 100 billion dollars, highlighting the interest of investors.

With a tremendous increase of this kind, Ethereum has surpassed in the blink of an eye companies such as Salesforce, LVMH, and Netflix.

With the latest leg up yesterday, its value even became greater than that of Bank of America, which now capitalizes 346 billion dollars.

Also down are the multinationals AbbVie and Johnson & Johnson, which are positioned just slightly below 377 billion dollars of Ethereum.

At this moment, the crypto appears as the 29th asset by market value worldwide. The next victims on the list are Procter & Gamble, Home Deposit, Costco, and Novo Nordisk.

The high valuation of ETH compared to that of a giant like Bank of America shows a significant change in the dynamics of financial markets.

The adoption and growth of blockchain technology are bringing crypto assets to the same levels as those of traditional finance (TradFi).

The change signals the growing popularity of the world of decentralized finance (DeFi) with the entire sector experiencing bull surges during the week.

Meanwhile, the SEC begins to consider the launch of the first investment instruments in options linked to the detection of ETH exchange-traded funds (ETF).

Analysis of the derivative markets on ETH

The data from the derivative markets highlight the commitment of investors to bring the value of Ethereum back to 3,200 dollars after a strongly bear summer.

According to Coinglass data. the open interest of ETH futures has returned to the same level recorded in May 2024, when the crypto was trading at 4,000 dollars.

We are talking about a sum of 13 billion dollars committed in the negotiations on the future price of the currency.

At the same time, the funding rate marks one of the highest values ever observed by Ethereum in the last year, with a rate of 0.035%.

This means that there is a strong demand for leverage among traders, highlighting a volatility scenario where sudden price movements are possible.

Consider that in the last 5 days there have been turbulences that have led to the liquidation of several positions.

In total, approximately 200 million dollars of short and just 100 million dollars of long positions were liquidated, showcasing the dominant trend.

Source: https://www.coinglass.com/currencies/ETH

The value of Ethereum compared to that of Bitcoin

In the last week, the value of Ethereum has approached that of Bitcoin, after several months of a bear trend.

The ETH/BTC ratio returned to reach the 0.04 mark over the weekend, with prices hitting the 99-period moving average on the daily time frame.

It is probably still too early to talk about a phase of Ethereum’s supremacy over Bitcoin, but the latest movement does not go unnoticed.

After two years of bear market (against BTC) the ETH chart is ready to bounce back to reach new bull peaks.

For the flippening on the first currency of the market, a multiplier of 4.2X on the current market value of Ethereum is needed.

We remind you that in parallel with the increase in prices on Ethereum, there has also been a pump phase across the entire altcoin sector, enough to suggest an upcoming altseason.