Ethereum ETH/USD flipped elder sibling Bitcoin BTC/USD in year-to-date gains Monday, as institutional interest fuels a sharp spike in the second-largest cryptocurrency.
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ETH On A Tear
As of this writing. Ethereum was up over 28.21% since the beginning of the year, surpassing Bitcoin’s returns of 27.40%.
ETH has been on a tear over the last month, soaring as much as 44% and pushing to levels last seen in November 2021. BTC has barely moved in the same period.
Furthermore, ETH’s market share has risen to 13% for the first time in nearly eight months, while Bitcoin’s dominance has fallen.
| Cryptocurrency | YTD Gains | 30-Day Gains | Price (Recorded at 10:00 p.m. ET) |
| Ethereum | +28.21% | +44% | $4,269.71 |
| Bitcoin | +27.40% | +1.20% | $118,976 |
See Also: Samson Mow Says Ethereum A ‘Vehicle’ For People To Buy More Bitcoin: ‘No One Wants ETH In The Long Run’
What’s Driving ETH’s Rally?
Institutional interest in the $515 billion asset has skyrocketed in the last month. Net inflows into ETH spot exchange-traded funds reached over $21 billion in July, far exceeding those in BTC ETFs, according to SoSo Value.
Treasury narratives have also played a part, with big-ticket ETH purchases by BitMine Immersion Technologies, Inc. BMNR and Sharplink Gaming, Inc. SBET adding to the momentum.
Price Action: BitMine shares closed 14.68% higher at $58.98 during Tuesday’s regular trading.
As of this writing, the stock demonstrated a very high Momentum score. Visit Benzinga Edge Stock Rankings to see how it stacks up against Strategy Inc. MSTR, the pioneer of cryptocurrency treasury play.
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