Ethereum Surges to 10-Week High in $100B Crypto Market Rally

Ether has outperformed its crypto brethren today, surging 8.1% over the past 24 hours to hit $2,380 in early trading in Asia on Tuesday morning.

It is the highest the asset has traded since February 2, just after it crashed from $3,000 in a couple of days.

Santiment reported on Tuesday morning that the number of Ethereum whale wallets holding at least 100,000 ETH has jumped 5.5% in the past week.

Markets Rally on Iran Deal Hopium

According to Fundstrat’s Tom Lee, ETH is the best-performing asset since the start of the Iran conflict, gaining 17.4%, outperforming the S&P 500 by 1830 basis points, and gold by 2,743 basis points.

ETH is holding onto its gains at the time of writing, trading around $2,375, but it remains within a two-and-a-half-month-long rangebound channel and needs to break above $2,400 to see any serious gains.

Crypto investors are reacting to the latest news from the Middle East that President Trump has initiated a US military blockade of Iranian ports and threatened any Iranian ships that approach.

However, he also said on ‌Monday that Iran wants to make a deal.

US Vice President JD ⁠Vance said in ​an interview with ​Fox News that the US expects Iran ​to ​make ⁠progress on opening the Strait ​of Hormuz, adding the ‌ball ⁠was in Iran’s court.

Crypto Markets Add $100B

This big move has added around $100 billion to total market capitalization, which has hit a four-week high of $2.6 trillion.

Swissblock reported that its “Risk Index has now transitioned into low risk for the first time since mid-March. “That signals bulls are starting to gain ground over sellers.”

Ethereum was the best high-cap performer, but Bitcoin also added 4.7% on the day to reach $74,800, where it found resistance again. BTC also remains within its sideways channel and, without further impetus, is likely to be rejected here.

Altcoin moves were muted by comparison, but those see better daily gains included Solana, WhiteBIT Coin, Hyperliquid, Chainlink, and Sui.

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