At the time of writing, Ethereum is the best-performing cryptocurrency among the top ten crypto assets. Gains have surpassed 2%, and Ether has broken through $3,000 to trade at $3,035. Although prices reached a daily high of $3,163 before a slight drop, the market remains in a very promising state at this time.
At $3k, Ethereum is a bargain.
Following a price low of $2,800, Ether bulls, like the rest of the market, recovered. While other cryptocurrencies have experienced a correction, Ether appears to have received a boost from JPMorgan’s recent report.
According to a JPMorgan Analyst in a note to investors, market participants are increasingly withdrawing and dumping their Bitcoin futures in favor of Ethereum futures. The analyst also pointed out that Bitcoin futures underperformed in September, trading below the value of a single Bitcoin. Since August, investors have been flocking to Ethereum futures, citing a “strong divergence in demand.”
“This is a setback for bitcoin and reflects weak demand from institutional investors who typically gain exposure to bitcoin through regulated CME futures contracts.” The analyst went on to say that the new development indicates “much healthier demand for ethereum vs. bitcoin by institutional investors.”
Furthermore, the price of Bitcoin fell by 10% in the last month, while Ether only fell by 3%, demonstrating that Ether bulls are more stable.
When is the Altseason?
Other altcoins have also shown signs of recovery, and have since followed Ether in maintaining gains over the last seven days. Some of the most notable moves are being made by Solana, Polkadot, and Binance Coin at the moment. Solana, which managed to stay up during the near storm, has easily erased the weekly losses and is now trading 11.47 percent higher. According to analysts, SOL is currently trading at $139 but is poised to break $150 in the near term.
Similarly, DOT and BNB are climbing the ranks, emerging as the third and fourth best performers in the last 48 hours. Analysts are interpreting the rapid altcoin recovery as the start of a new altcoin season, with many betting on altcoins continuing to outperform Bitcoin throughout the fourth quarter after 97 percent of altcoins outperformed Bitcoin in the previous quarter.