Ethereum Surpasses $3,000 After 3 Months... Bitcoin Pauses

20% Surge After Trump Election... "Regulatory Relaxation Benefits Expected"

Following the election of former President Donald Trump in the U.S. presidential election, Bitcoin's rally, which had been hitting record highs daily, has stalled, while Ethereum is expanding its gains.

Reuters Yonhap News

According to U.S. cryptocurrency exchange Coinbase at 11:51 a.m. Eastern Time on the 9th (local time), the price of one Ethereum was trading at $3,032, up 4.25% from 24 hours earlier.

Ethereum, which had been trading in the $2,900 range the previous day, widened its gains and surpassed the $3,000 mark. This is the first time in over three months since August that it has crossed the $3,000 threshold.

At the same time, Bitcoin was trading at $76,127, up 0.21% from the previous day, a much smaller increase compared to Ethereum's rise.

Not only on this day but also since the day before the election, Ethereum has been soaring higher than Bitcoin following former President Trump's victory.

While Bitcoin's price has risen about 10% since the day before the election, Ethereum's gains have exceeded 20%. Ethereum's price was in the $2,300 range the day before the election.

The widening price increase of Ethereum is due to its price still falling significantly short of its previous peak. Ethereum had surged to the $4,800 range in November 2021.

Additionally, there are forecasts that the expected easing of cryptocurrency regulations following former President Trump's election will have a greater impact on Ethereum than on Bitcoin.

While Bitcoin is regarded as a store of value similar to gold, Ethereum is evaluated to have greater utility in decentralized finance (DeFi) based on blockchain technology. Because of this, it has been subject to strict regulations by U.S. regulatory authorities, but if regulations are eased, it is expected that Ethereum's ecosystem could expand significantly.