At press time, Ethereum is the most solid performing cryptocurrency within the top 10 crypto assets. Gains are past 2% and Ether has smashed through $3,000 to now trade at a price of $3,035. Ether bulls seem very charged up, although prices hit a daily high of $3,163 before the mild drop, the market is still in a very promising state at this time.
Ethereum At $3k
After hitting a price low of $2,800, Ether bulls made a rebound along with the rest of the market. However, while the correction has been recorded with other cryptocurrencies, Ether seems to have gotten an extra push from JPMorgan’s recent report.
As a JPMorgan Analyst wrote in a note to investors, market players are increasingly pulling out and dumping their Bitcoin futures, as they set their sight on Ethereum futures. The analyst further noted that Bitcoin futures underperformed this September, and even traded below the value of a single Bitcoin. Investors have been moving to Ethereum futures since August as a “strong divergence in demand” was noticed.
“This is a setback for bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin.” wrote the analyst, who further added that the new development points to “ much healthier demand for ethereum vs. bitcoin by institutional investors.”
Additionally, the price of Bitcoin fell by 10% in the past month, while Ether only recorded a 3% dip, once again proving that Ether bulls are more stable.
Other altcoins have also shown recovery signs, and have since followed Ether to sustain gains within the last 7 days. Solana, Polkadot, and Binance Coin are making some of the most notable moves at this time. Solana, which had managed to stay up during the near storm, has very easily cleared out the weekly losses and is now trading 11.47% upwards. SOL is currently trading at $139 but is poised to break $150 in the near term, according to analysts’ perceptions.
Similarly, DOT and BNB are making their way up the ladder as they emerge the 3rd and 4th best performers within the last 48hrs. The swift altcoin recovery is being interpreted by analysts as the beginning of a fresh altcoin season, and many are betting on altcoins to continue to outperform Bitcoin throughout the 4th quarter after 97% of altcoins beat Bitcoin’s performance in the last quarter.