Crypto Market Update: Ethereum Surges 13% while Bitcoin Holds $116K

Reports from The Block suggest that institutional demand is flowing back into Ethereum-based products, with ETH staking and layer-2 solutions adding to the bullish narrative.

Additionally, Ethereum’s role as the backbone for DeFi and NFT ecosystems continues to attract developers and investors alike.

The spike in trading volume, which topped $72 billion in 24 hours, further underscores market enthusiasm.

Market analysts from Bloomberg Intelligence noted that Ethereum’s current rally could mirror previous breakout phases, provided it maintains momentum above the $4,700 resistance zone.

Should ETH consolidate above this level, the possibility of retesting the all-time high near $4,900 is firmly on the table.

Altcoins Rally Behind Ethereum

Ethereum’s bullish momentum has triggered a wider altcoin rally , with multiple top assets showing double-digit gains.

• BNB (Binance Coin) rose to $896 , gaining 6.87% in the last 24 hours and over 8% in seven days . The coin continues to benefit from the strength of Binance’s exchange ecosystem and its expanding DeFi footprint.

• Solana (SOL) impressed traders with a 10.16% daily gain , now trading at $199.54 . Its growing NFT marketplace and scaling solutions have reinforced Solana’s role as a top-tier blockchain.

• Cardano (ADA) bounced back with an 8.64% surge in 24 hours , climbing to $0.93 . While ADA’s ecosystem growth has been slower compared to Ethereum and Solana, it continues to attract developers building sustainable blockchain applications.

• Dogecoin (DOGE) made headlines again with an 11.16% daily jump , priced at $0.24 . The meme coin’s rally reflects strong community sentiment, further amplified by social media buzz and celebrity mentions.

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Even XRP , which has faced regulatory uncertainty, managed a 6.93% gain in the past day, stabilizing at $3.08 .

The token remains a favorite for traders betting on a positive outcome in ongoing legal proceedings.

Stablecoins Maintain Liquidity Anchors

In contrast to the price swings seen across major cryptos, Tether (USDT) and USD Coin (USDC) remain firmly pegged around the $1 mark.

USDT recorded a staggering $172 billion in daily trading volume , cementing its role as the leading stablecoin in global liquidity flows.

USDC followed with $22 billion in daily activity, continuing to expand its presence in institutional trading.

The stability of these assets is essential for the functioning of the broader market, providing safe havens during volatility and facilitating cross-exchange arbitrage.