What is FUD? Ethereum Adds Entire Solana Market Cap In 1 Week, ETFs See Record Inflow

Ethereum prices have risen 38% over the past seven days, outpacing Bitcoin’s gains, which were around 30% over the same period.

Also, Ethereum’s market capitalization has increased by more than $100 billion in less than a week. To put that into perspective, that’s more than Solana’s entire market cap. This has pushed the ETH market cap above $400 billion for the first time since July.

The move was not lost on crypto social media, with observers exclaiming, “And there are still people who think Solana will replace Ethereum. Hilarious.”

Ethereum added as much to its market cap in 5 days as Solana’s total market cap of $100 million.

And there are still people who think that Solana will replace Ethereum.

very funny pic.twitter.com/1xyB9KKq9B

— Poseidon (@CryptoPoseidonn) November 10, 2024

ETH FUD Extinguished

Additionally, ETH hit a near four-month high of $3,384 during early Asian trading on Tuesday, November 12. It is now targeting resistance at $3,500, a level last seen in late July.

However, analysts have noted that where Bitcoin has broken out, Ethereum is still trading within a rising wedge pattern with a breakout imminent.

$ETH Still moving within the extended wedge pattern..!!

imo, the party will start once the wedge is broken..

Mid-term goal: $5450#Crypto #Ethereum #ETH pic.twitter.com/qkcKhqEYKl

— Captain Faibik (@CryptoFaibik) November 12, 2024

“Soon there will be an ETH God Candle that will literally catch everyone off guard and send ETH straight to Valhalla,” ecosystem educator Anthony Sassano commented on November 12th. Earlier this week, he commented on the dissipation of Ethereum FUD as prices finally moved.

“Every piece of ETH FUD is completely gone, and now it’s popular to be bullish on ETH again. The narrative follows the price; never forget that.”

Other altcoins that are outperforming right now include Dogecoin (DOGE), which is up 33% in the last 24 hours as it topped $0.40.

Avalanche (AVAX), Aptos (APT), and Cronos (CRO) are also making double-digit gains today.

Ethereum ETFs See Check-in

Ethereum’s momentum is also being reflected in institutional circles, as spot ETH ETFs in the US saw a record day of inflows.

Monday, November 11 saw a record $295 million in inflows for the nine recently launched spot Ethereum ETFs. BlackRock’s ETHA fund had $100.5 million, but Fidelity’s FETH fund led the pack with $115.5 million in inflows, its highest daily flow since launching in July.

Grayscale’s Ethereum Mini Trust (ETH) saw an inflow of $63.3 million, while the Bitwise ETHW fund had $15.6 million. Over the past four consecutive trading days, more than $500 million has flowed into Ethereum ETFs, depleting the total total outflow to just $130 million.

Record day for crypto ETFs!

US Ethereum ETFs saw their biggest net inflow ever at $295.1 million, led by #Fidelity (FETH) with $115.5 million, its biggest take since launch.

Meanwhile, US Bitcoin ETFs were not far behind, seeing a massive inflow of $1.094 billion, on… pic.twitter.com/YJ0iI7UgUy

— Spot On Chain (@spotonchain) November 12, 2024

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