Ethereum's price has surged today, driven by a combination of market dynamics and regulatory developments. The cryptocurrency market is witnessing a shift in focus towards Ethereum, as Bitcoin experiences a short-term decline. This shift is highlighted by a 13% increase in the ETH/BTC trading pair, indicating a growing investor appetite for Ethereum. The nomination of Scott Bessent as Treasury Secretary by re-elected President Donald Trump has also positively impacted global markets, boosting investor confidence and contributing to Ethereum's rise. Bessent's market-friendly approach and plans to ease tariffs have further fueled optimism, reflecting in Ethereum's strong price movements.
Additionally, Ethereum's derivatives market is experiencing heightened activity, with cumulative open interest in perpetual and standard futures contracts reaching a record 6.32 million ETH. This surge in open interest, alongside a price increase, validates an uptrend for Ethereum. The price uptick has also driven the value of assets locked on Ethereum-based applications to $65 billion, a level last seen in May 2022. The recent court ruling favoring Tornado Cash's immutable smart contracts has further bolstered the market, as it challenges the U.S. Treasury's sanctions authority and provides legal clarity for decentralized technology.
Ethereum's price has climbed to $3,441.46, marking a 3.50% increase today, with a high of $3,480.02.