- Ethereum surged past $2,900 for the first time since February, now valued at $2,940.
- The cryptocurrency is benefiting from recent economic events, including the U.S. Presidential election and an interest rate cut.
- In the past week, Ethereum outperformed Bitcoin, gaining 19% compared to Bitcoin’s 10% growth.
Ethereum just surpassed a major milestone today, breaking above the $2,900 zone for the first time since February.
According to CoinMarketCap, Ethereum is currently valued at $2,940. Ethereum appears to be another cryptocurrency enjoying strong upward momentum following relevant economic happenings this week: the U.S. Presidential election and November’s FOMC meeting.
The first major surge happened on election day. On November 5th ETH traded as low as $2,415. Since the results of Donald Trump’s win were announced – the asset picked up the pace and went on to gain nearly 20% in value – trading around the $2,800 margin by Nov. 6.
Only two days later Jerome Powell announced yet another interest rate cut, which caused Ethereum to continue its satisfying trend until recently breaking above the $2,900 margin.
Ethereum Performing Betten Than Bitcoin This Week
Throughout 2024 Ethereum’s performance appeared sluggish when compared to other top 10 assets. While it is true that ETH reached a yearly 55% yield so far, this number fails in comparison to what Bitcoin and other tokens like Solana were able to achieve.
However, over the past 7 days, the story appears to have changed. When compared to the World’s largest cryptocurrency Ethereum is outworking Bitcoin.
Over the week BTC amassed around 10% growth, reaching its all-time highest price on the day after the election. Meanwhile, Ethereum is collecting a 19% growth in that same timeframe and could be close to reaching the $3,000 milestone.
