The Ether cryptocurrency has already accumulated an increase of almost 17% since the US presidential elections.
Ether (ETH), the cryptocurrency of the Ethereum network and the second largest digital asset by market value behind Bitcoin (BTC), broke the barrier of US$2,800 and reached a maximum since last August.
The current price level is still far from 2024 record of $3,700 reached in April of this year. Furthermore, it is well below its all-time high of US$4,600, recorded in September 2021, representing a difference of approximately 60%.
The current price of ETH is 60% from its all-time high. The rise of Ether contrasts with the behavior of Bitcoin, which recently reached a new all-time high above $76,000. This achievement positions Bitcoin as the ninth most valuable asset in the world, surpassing even corporate giants like Meta.
The boost in the price of Ethereum is linked to the recent victory of donald trump in the US presidential elections, which took place last Tuesday. Since election night, the value of Ether has accumulated an increase of more than 175%, going from US$2,680 to the current US$2,820, according to TradingView data.
This increase is partly attributed to Trump’s promises to implement friendlier regulations for the cryptocurrency industry. During his campaign, Trump has expressed his support for bitcoin and other crypto assets, suggesting policies that would favor this sector in his new mandate. In addition to the impact of political promises, ether-related exchange-traded funds (ETFs) have also played a significant role.
This November 6, Ether ETFs recorded net inflows of $52.2 millionmarking the largest inflow of money since October 16, when US$48 million in incomeaccording to data from the SosoValue portal. However, the performance of Ether ETFs has not been uniform.
In the days leading up to the election, specifically on November 3, significant outflows were observed, with $62.2 million being withdrawn from these funds. With the new administration promising a more favorable approach towards cryptocurrencies, Investors are recalibrating their expectations and positions in the market, which could lead to more volatility, but also new growth opportunities for assets like Ether.
Source: Ambito
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