This news talks about their recent performance. Ether, the second most popular crypto, has been on a roll! This is good news for people who own Ether. Bitcoin, on the other hand, is not going up or down much right now.
– The price of Ether (ETH) has rallied to $3.6K.
– Bitcoin (BTC) is holding steady at $71K.
– Ether’s rally is likely due to growing interest in DeFi protocol Ethena. Ethena’s total value locked (TVL) has surpassed $2.2 billion.
– Decentralized liquid staking protocols like Lido DAO and Rocket Pool ETH have also benefited from Ether’s rally.
– Bitcoin’s price remaining stable surprised some traders who expected it to lead the market.
Ether jumped to $3.6K while Bitcoin held steady at $71K. This was driven by interest in DeFi protocol Ethena and hopes for a spot ether ETF approval. Tokens like Lido, Rocket Pool, and ether.fi also gained. Despite expectations for Bitcoin to lead, ETH’s surge caused quick market adjustments and raised funding rates for long/short positions.
Mathematical Analysis:
- Ether price: $3,600
- Bitcoin price: $71,000
- CoinDesk 20 Index increase: 3.5%
- Lido DAO token increase: 10%
- Rocket Pool ETH token increase: 8%
- Probability of spot ether ETF approval by end of May: 16%
- Probability of spot ether ETF approval by end of June: 45%
Last Friday, we speculated a possible leg higher, and we expected the move to be led by BTC,” QCP wrote. “We were wrong about the leader, as this move has been very much led by ETH.
