Ethereum Price Surge Overview
Recently, Ethereum (ETH) demonstrated substantial bullish momentum, realizing an 8.22% increase in price, now standing at $3,012.44 as of July 11th. This surge follows a remarkable jump from $2,788.96 to $2,976.10, influenced by strong trading activity amounting to 1,202,822 units in just 24 hours.
Key Highlights:
- ETH’s recent performance marks surprising institutional demand, particularly via spot ETFs, with total inflows exceeding $320 million since July 7th. Notably, BlackRock’s ETHA ETF captured $206.57 million on July 9th alone.
- For the first time in a market anomaly, Ethereum’s futures trading volume momentarily outstripped Bitcoin’s, hitting $62.10 billion, compared to Bitcoin’s $61.70 billion.
In other developments, a recent research paper by a major asset manager outlined how Ether can function as both a medium of exchange and a store of value.
Upcoming Developments:
On another note, the Ethereum Foundation is initiating a shift towards zero-knowledge (ZK) proofs, planning to implement them across the Ethereum infrastructure, starting with Layer 1 zkEVM.
This innovative approach aims for enhanced security and efficiency, setting the stage for Ethereum’s future innovations ahead of the upcoming Glamsterdam upgrade. The Foundation set standards for zkVM developers aiming for decentralized, home-based proving methods.
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