Market Wrap: Ether Outperforms, Bitcoin Rises Above $42K

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MARKET WRAP: Ether $ETH is near $3K and is outperforming bitcoin $BTC as markets bounce back. Still, trader sentiment is mixed and some have reduced risk.

"We have seen a corresponding increase in the number of active validators on the Beacon Chain from 300,702 at the end of February to 315,576 as of March 17. That’s a 4.9% increase in just 17 days compared to 3.9% during the full month of February or 4.8% during the full month of January," David Duong, head of institutional research at Coinbase, wrote in a Friday newsletter.

From a technical perspective, the rise in ether has outpaced bitcoin, which could see further upside over the short term. The ETH/BTC price ratio heldOn the flip side, analysts also noticed slowing activity on the Ethereum network. The chart below shows the recent decline in total transaction fees on the Ethereum blockchain, which means miners are paid less., which are predominantly minted and traded on the Ethereum network, according to FundStrat's Farrell, who also noted that Google search interest for NFTs peaked in mid-January.

Farrell also highlighted a sharp rise in ETH's a price-to-sales multiple, which is now above 50 compared with 17 a few months ago – a significant jump that could signal a frothy market.The ApeCoin's surge on Friday gives the token a $3.8 billion market cap, making it the 33rd-largest coin, according to

 

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