Ethereum (ETH) surges 8%, altcoin season begins in earnest

The cryptocurrency market continues to rise, showing signs of an altcoin season. Particularly, Ethereum (ETH), the leading altcoin, rose by 8% in the past 24 hours, breaking through $2,500. Ethereum had fallen to $1,400 on April 9th but has successfully rebounded in recent weeks. However, it struggled to definitively cross the $1,800 mark. Recently, the price has significantly increased due to positive macroeconomic indicators and the Petra upgrade. On a daily basis, Ethereum rose nearly 9%, and on a weekly basis, it recorded an impressive 40% increase. Consequently, Ethereum's price surpassed the psychological resistance level of $2,500. Other altcoins also showed notable gains. Doge (DOGE) recorded the highest increase among major altcoins at 16%, breaking through $0.24. Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Shiba Inu (SHIB), Hedera (HBAR), TON, and Pepe (PEPE) also showed strength. Pi, Uniswap (UNI), and Near also recorded double-digit increases in the past 24 hours, while LEO was one of the few coins that slightly declined. Driven by this upward trend, the total cryptocurrency market capitalization increased by $70 billion, reaching $3.47 trillion. Meanwhile, Bitcoin (BTC) rose less than 1% in 24 hours but maintained the $104,000 level. It had previously reached $105,000 but faced resistance. On a weekly basis, it rose 9% and successfully broke the $100,000 mark for the first time in three months. Bitcoin's market dominance has dropped from 62% to less than 60% due to the strength of altcoins. However, its market capitalization continues to increase, reaching $2.07 trillion.