ETH

Ethereum (ETH) has surpassed Bitcoin in 24-hour gains, with a remarkable 8% surge, driving its price to $3,383.97. This rise follows Bitcoin’s impressive performance, hitting a new high of $98,384. As ETH rallies, speculation around an impending “Altcoin Season” intensifies, with other altcoins also showing signs of growth.

Ethereum’s market cap currently sits at $407.61 billion, marking a 7.73% increase, while its 24-hour volume has surged by 46.45% to $51.51 billion. The recent price action has caught the attention of investors, especially as the crypto market continues to respond to US President-elect Donald Trump’s crypto-friendly stance, adding to the bullish sentiment.

Despite the strong rally in altcoins, the much-awaited Altcoin Season has yet to materialize. According to a recent report from QCP, investors are still hesitant to fully dive into altcoins, as Bitcoin remains on the brink of reaching the $100,000 milestone.

Historically, altcoins have outperformed when Bitcoin consolidates after a significant rally, with profits typically rotating into smaller-cap coins.

Currently, Bitcoin’s dominance hovers around 60%, and analysts predict that the altcoin rally could kick off when this dominance falls below 58%. The Altcoin Season Index offers further insight into market trends, currently standing at 33, signaling that altcoins still have room to grow.

This suggests that while Bitcoin continues to be the preferred choice for investors, altcoins are quietly gaining momentum and might be poised for a breakout. Will Ethereum’s recent performance lead the charge for a broader altcoin rally? Is Altcoin Season just around the corner?

Also Read: Solana Surpasses ATH, Records 172M Weekly Transactions

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Wrapped Staked Ether (wstETH) is currently trading at $3,982.77 – a 7.8% surge in a day, while Ethereum (ETH) is priced at $3,359.14. That’s a difference of $623.63, and here’s why.

The history of wstETH dates back to the launch of the Lido protocol, which allows users to stake their ETH and receive stETH in return. Staking ETH means locking it up to help secure the Ethereum network, and in return, stakers earn rewards.

However, stETH can’t be easily traded or used in DeFi, so Lido introduced wstETH, a “wrapped” version that maintains staking rewards while being more liquid and usable across DeFi platforms.

According to CoinGecko, the exchange rate of stETH to ETH has remained near parity, with a slight deviation of approximately 0.03%.

wstETH Chart Compared with ETH | Source: Coingecko

Looking at the bigger picture, Ethereum has a market cap of $405 billion, making it one of the largest cryptocurrencies in the world. However, wstETH’s market cap, on the other hand, is much smaller at $14.42 billion.

This makes sense because wstETH only represents the portion of ETH that has been staked through the Lido protocol. It’s not meant to compete with ETH’s massive scale but to serve a specific purpose for stakers.

Additionally, ETH’s 24-hour trading volume is $6.5 billion, while wstETH’s is just $50 million. This is because ETH is widely traded across many platforms, while wstETH is mostly used by people involved in DeFi activities like borrowing, lending, or farming additional rewards.

In short, wstETH is perfect for those who want to stake their ETH and earn rewards without locking it up. It’s like having the best of both worlds, you can put your ETH holding to work and still use it whenever you want. That’s why it’s growing in popularity, even if it’s not as widely traded as Ethereum itself.

Also Read: Why Ethereum Could Outperform Bitcoin and Reach $10,000?

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ETH Overtakes BTC with 8% Surge

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