Finally pumped! Ether surged 9% to $3,600, is the 'altcoin season' about to begin?

After several days of correction, the encryption currency market began its counterattack today (28th). Ether finally ushered in a long-lost strong rise, soaring 9% and returning to $3,600. While outperforming BTC, it also led other competing coins to launch a direct attack.

CoinGecko market data shows that as of the time of writing, Ether is reported at $3,640.47, with a 9% increase in the past 24 hours; BTC has risen by nearly 4% to $96,424; while Solana (SOL), Ripple (XRP), and Cardano (ADA) have also recorded increases of 5.5%, 7%, and 7.9% respectively.

Market funds are clearly shifting towards Ethercoin, which is demonstrated in the performance of the 'ETH/BTC' trading pair. Earlier today, it surged by 13%, rising from 0.0318 to 0.0371, successfully rebounding from the post-US election low.

QCP Capital analyst pointed out that after the BTC pullback, market funds have clearly shifted to flow into Ethereum and other currencies, and the strong rebound of ETH/BTC is the best evidence of fund rotation.

At the same time, Ethereum's performance in the field of Decentralized Finance has been outstanding recently. According to DefiLlama's data, in the past week, Ethereum's Total Value Locked (TVL) surged by 13.48% to $69.99 billion; the volume soared by 72.87% to reach $22.1 billion, highlighting investors' confidence in its future development.

According to Coingecko data, the overall Cryptocurrency Market Cap has risen 3.3% in the past 24 hours to reach $3.49 trillion. Among them, the BTC Market Cap has decreased from 55.05% yesterday to 53.39%; the Ether coin Market Cap has remained basically unchanged at 12%; but the Market Cap of competing coin categories has increased from 16.82% to 18.76%.

Is "Big Brother" about to start rising? Analysis: Funds are flowing from BTC to Ethercoin.

<Finally rose! Ether pumped 9% and reached $3,600, is the 'altcoin season' about to begin? This article was first published on 'Blockcast'.