Ethereum (ETH) registered a remarkable performance following Donald Trump’s victory in the November 5 US elections. The second-largest cryptocurrency by market capitalization has jumped 21.9% in the past three days, reigniting investors’ bullish sentiment for the crypto and ETH-based investment products.
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Ethereum ETFs See Third Best-performing Day
Amid ETH’s price rally, spot Ethereum exchange-traded funds (ETFs) have recorded their best-performing day in 13 weeks. Launched in late July, ETH ETFs have seen a shaky performance in the past few months.
The crypto investment products surpassed experts’ expectations during its first two days. However, ETH ETFs recorded massive outflows amid Q3 market retraces.
Ethereum-based products saw their second-largest single-day inflow since launch during the early August correction. As the market recovered from the crash, Ethereum ETFs registered $98.4 million in positive net flows, led by Blackrock’s ETHA.
Since then, the crypto products have struggled to break past the $20 million mark, only registering inflows above that range five times in three months.
ETH’s current rally has seemingly improved sentiment around the cryptocurrency and the investment products based on it, as it has recorded a notable performance during the last two days.
Ethereum ETFs recorded their best-performing day in six weeks, seeing $52.3 million in inflows on Wednesday. Meanwhile, the investment products saw their third-largest single-day performance on Thursday and their best day since August 6, with $79.7 million in inflows.
ETH Rallies 16%, Is $3,500 Next?
Ethereum has seen a massive 16.6% surge in the last seven days, jumping from the $2,500 support zone to the $2,900 mark lost mid-Q3. The “King of Altcoins” lost the $3,000 support zone in early August, recording a 23% correction during the market retraces.
The cryptocurrency struggled to break past the crucial $2,800 resistance level, being rejected from this level for the past three months. However, Republican candidate Donald Trump’s victory in the Thursday presidential elections has given the whole crypto market a renewed push toward the second leg of the bull run.
In the last three days, the flagship cryptocurrency, Bitcoin (BTC), has entered price discovery mode, setting its latest all-time high (ATH) at $76,800 on Thursday. Meanwhile, Ethereum saw…
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