Ether and Dogecoin Outperform Bitcoin as DeFi Optimism Grows
Bitcoin (BTC) remains above $109,500 following last week’s profit-taking. Meanwhile, Ethereum (ETH) has shown increased activity, rising 5% in the past 24 hours and attracting record volumes for ETH-based products.
- Ether ETFs attracted over $800 million in two weeks, surpassing Bitcoin's under $400 million.
- The spread between ether's implied volatility and Bitcoin's reached its highest since late 2022, indicating expected price swings.
- Open interest in ether perpetuals on Kraken hit an all-time high of 30,000 ETH, signaling increased speculative activity.
- Solana (SOL) and Cardano (ADA) gained 4.7% and 3.3%, respectively, while XRP rose 2% to $2.30.
- Upcoming U.S. CPI data could influence Federal Reserve rate expectations and market sentiment.
Experts suggest that Ethereum may reach or exceed its all-time high by year-end, given its role in tokenizing real-world assets.