Ethereum (ETH) is back trading comfortably above $4,000, a level last seen in late 2021.
The cryptocurrency underpinning the most commercially important blockchain rallied 14.3% over the last 7 days, outpacing market leader Bitcoin (BTC), which rallied 9.7% this week.
Ethereum’s market cap now hovers at close to half a trillion, although it will need to effectively triple that to catch up with Bitcoin.
Despite Ethereum’s stronger rally, today is really Bitcoin’s day, as the world’s oldest and most popular cryptocurrency is currently changing hands at an all-time high (ATH) of almost $72,000.
While Ethereum’s smart contracts quickly expanded the horizon of what blockchain was capable of and helped to usher in an alternative financial system, it’s really Bitcoin that bootstraps the entire market.
Crypto in the Coming Months
There is a lot to look forward to in the near term from both of the market leaders.
Bitcoin is trading at a new ATH off the back of new institutional interest since the US Securities and Exchange Commission (SEC) approved the launch of 11 spot Bitcoin ETFs.
The ETFs have together attracted nearly $10 billion in inflows since they began trading on January 11.
Bitcoiners are also pointing at the quadrennial halving on April 19 as another price driver. The halving is when miners’ block rewards get halved, causing a supply squeeze in the issuance of new Bitcoin.
Historically, halvings have tended to drive the price higher, and this halving looks no different, with institutional demand for Bitcoin currently at an all-time high.
Ethereum fans are also pointing at a potential milestone on May 23. This is the SEC’s first deadline to return a verdict on the latest round of applications for a spot Ethereum ETF. If Ethereum ETFs are approved, then institutional demand for Ethereum in the US could drive prices to new highs.
Over on the price chart we can see that Ethereum has charted a clear path upwards since the start of February, although with a current Relative Strength Index (RSI) almost at 70, there is heavy buying pressure.
Source: TradingView
Ethereum is Great But SPONGE Is Funnier
Ethereum and Bitcoin may be where the safe money is at, but a small group of coins posted blistering triple-digit percentage seven-day gains recently: meme coins.
Viral marketing campaigns and the novelty factor typically drive meme coin prices, although two of the largest are now serious projects in the industry: Dogecoin (DOGE), which has a first-mover advantage and originality on its side, and Shiba Inu (SHIB) on Solana is branching out as a network and offering more utility,
One meme token that combines freshness with utility and offers more than laughs is SPONGE. it’s the native token for an exciting new ecosystem.
GM #SPONGERS!
Did someone say moon?
Trade $SPONGE on @dexscreener https://t.co/mRRzvNqdpm#MemeCoin #Crypto #Altcoins #Bullish #100x pic.twitter.com/iVOCDTYMVz
— $SPONGE (@spongeoneth) March 8, 2024
According to CoinGecko data, SPONGE is up nearly 100% in the last week and 143% in the last fortnight as it trades for $0.003209 at the time of writing.
SPONGE is an ERC-2o standard token on Ethereum. It recently upgraded (and migrated) to a V2 on Polygon, an Ethereum Layer 2 scaling solution.
The team also introduced a couple of key improvements with the upgrade, including a new staking model that offers a minimum yield of 40% APY.
This yield currently sits at around 490%, varying according to the number of stakes and tokens locked up.
SPONGE also powers an upcoming racing game where players compete against each other to earn SPONGE rewards.
Buy And Stake SPONGE On The Website
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