Cryptocurrency analytics platform Kaiko shared data on November 13 that suggests an uptrend for Ethereum (ETH). According to the survey, ETH funding rates are now positive, which suggests an upward trend for the cryptocurrency.
“ETH surpassed $2K for the first time since April after Blackrock filed for spot ETF. The ETH/BTC ratio has just reversed after trending downward for much of last year,” he noted.
At the time of publication, the price of Ethereum was listed at US$2,085.93, up 1.1% in the last 24 hours. The largest altcoin has seen its price increase by 8.2% in the last seven days.
#ETH crossed $2k for the first time since April after Blackrock filed for a spot ETF.
Let’s breakdown the rally ⤵️
The ETH/BTC ratio just reversed after trending downwards for much of the past year. pic.twitter.com/aL9cDpgGVx
— Kaiko (@KaikoData) November 13, 2023
The Kaiko platform also noted in its analysis that Ethereum’s daily spot volume has surpassed $7 billion, its highest level since the collapse of cryptocurrency exchange FTX in November last year.
Furthermore, according to the data, altcoin volume market share reached 60% relative to Bitcoin for the first time in over a year.
It is worth noting that data shared in the latest CoinShares report, on November 13, highlighted that Ethereum, which was experiencing a “red sea” of inflows, recorded its largest inflows last week since August last year of US$49 million , following the recent application for spot ETF listing in the US.
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