Ethereum is approaching the level of $ 3700

The price of Ethereum ETH $2,985.45 Bridged Ether (StarkGate) -0.26% Market capitalization $71.64 million VOL. 24 hours $0.45 billion has risen to $ 3700, indicating a capital flow from bitcoin BTC $86,901.19 Mezo Wrapped BTC -0.07% Market capitalization $45.07 million VOL. 24 hours $0.61 billion to altcoins. Thus, on the night of November 28, the Ethereum rate exceeded $ 3680, overtaking bitcoin in terms of growth. According to CoinGecko, Ethereum gained 5.1% per day, while bitcoin rose by only 2.5%. Other altcoins, such as XRP $1.91 XRP -1.07% Market capitalization $115.61 billion VOL. 24 hours $98.17 million and Cardano ADA $0.36 Cardano -3.81% Market capitalization $13.2 billion VOL. 24 hours $27.84 million , also showed significant gains.

ETH/BTC has increased by 9.7% since the beginning of the week, with more than half of the increase occurring on November 27. Additionally, the total blocked value (TVL) in the Ethereum network increased by 14.1%, reaching $ 69.45 billion, which was the highest rate among competitors.

Analysts also noted significant inflows into spot Ethereum ETFs on November 27 — $ 90.1 million. The total amount of funds under management of such funds reached $ 10.8 billion, which emphasizes the growing interest of investors in the second largest blockchain by capitalization.

Earlier it became known that the average daily volume of Ethereum’s transferred on-chain value reached the peak of the year — $ 7.13 billion. Experts predict that the exit from the long-term price consolidation may push the rate to $ 20,000.

The positive dynamics indicate the strengthening of Ethereum’s position among other cryptocurrencies, while investors are actively refocusing on altcoins in search of more profitable opportunities.