Ether (ETH) experienced a significant surge of 8% in the spot crypto markets on Monday as a result of increased social sentiment and optimism among derivatives traders.
Over the past 24 hours, Ether prices have risen by approximately 8%, reaching an intraday high of $3,722 on April 9. This surpasses the performance of Bitcoin (BTC) and most other similar cryptocurrencies, as reported by CoinGecko.
This marks the highest price ETH has achieved since March 16, just over three weeks ago. Currently, the asset stands 9% below its 2024 high of $4,070 and 24% lower than its all-time high of $4,878 in 2021.
In comparison, Bitcoin prices have only seen a 3% increase over the past day, reaching $71,395 at the time of writing.
The momentum of Ethereum may have been fueled by various factors, including strong social and market activity, according to social intelligence firm Lunar Crush. In a post on April 8, Lunar Crush stated, “Social activity continues to accelerate, joined by both strong price action and market volume.”
Furthermore, Ethereum derivatives markets indicate a bullish sentiment towards the asset for the remainder of this month. Currently, there is approximately $600 million in open interest (OI) at the $4,000 strike price, and $378 million at strike prices of $3,700 and $5,000, as reported by crypto futures exchange Deribit.
This demonstrates an optimistic bias and bullish sentiment towards the options expiry on April 26, when around 900,000 Ethereum contracts with a notional value of $3.8 billion will expire.
However, not everyone shares the same bullish sentiment. Vijay Boyapati, a crypto author and educator, expressed his opinion in a post on April 8, suggesting that the momentum of Ethereum spot ETF approvals may be short-lived if they are ultimately rejected.
On April 9, on-chain analytics firm Santiment observed that ERC-20 assets have outperformed the market on average, with an 8.1% growth in the past week, thanks to Ethereum’s rise at the beginning of the week.
Meanwhile, Toncoin (TON) has surpassed Cardano (ADA) to claim the tenth spot by market capitalization after experiencing an 18.5% daily gain, reaching an all-time high of $6.50 on April 9.
In other news, a magazine reported that 1 in 6 new Base meme coins are scams, with 91% of them having vulnerabilities.