Promises of cryptocurrency industry-friendly regulations boost ETH.
Yesterday, ether ETFs had inflows of $52 million.
Ether (ETH), the cryptocurrency of the Ethereum network and the second largest digital asset by market value, broke the $2,800 barrier.
This price level, not seen since augustis still a considerable distance from the peak of $3,700 reached in April of this year. Furthermore, it is well below its all-time high of $4,600, recorded in September 2021.which represents a difference of approximately 60%.
The rise of ether contrasts with the behavior of bitcoin, which recently reached a new all-time high of $75,800. This achievement positions bitcoin as the ninth most valuable asset in the world, even surpassing corporate giants like Meta, as reported by CriptoNoticias.
The boost in ether price appears to be linked to Donald Trump’s recent victory in the US presidential election, which took place last Tuesday. Since election night, ether value has increased by 16.5%going from $2,680 to the current $2,820, according to data from TradingView.
This increase is partly attributed to Trump’s promises to implement friendlier regulations for the cryptocurrency industry. During his campaign, Trump has expressed his support for bitcoin and other crypto assetssuggesting policies that would favor this sector in its new mandate.
In addition to the impact of political promises, ether-related exchange-traded funds (ETFs) have also played a significant role. Yesterday, November 6, ether ETFs saw net inflows of $52.2 millionmarking the largest inflow of money since October 16, when 48 million dollars in income were recorded, according to data from the SosoValue portal.
However, the performance of ether ETFs has been inconsistent. In the days before the elections, specifically on November 3, significant departures were observed, with $62.2 million being withdrawn from these funds.
With the new administration promising a more favorable approach to cryptocurrencies, investors are recalibrating their expectations and positions in the market, which could lead to more volatility, but also to new growth opportunities for assets like ether.
This article was created using artificial intelligence and edited by a human Editor.