Ethereum (ETH) Surges 38% in 72 Hours, Reigniting Discussions of Bitcoin (BTC) Replacement

Ethereum (ETH) has surged 38% over the last 72 hours, marking its second-largest gain in eight years and reigniting discussions

Ethereum has skyrocketed 38% in the past 72 hours, marking its second-largest gain in eight years and sparking conversation over whether the token could surpass Bitcoin in both value and utility.

The world's second-largest cryptocurrency is now trading hands at around $2,450, having recovered almost all of the losses seen over the past two months.

This sharp upward movement could be signaling the start of a new bullish cycle for Ethereum, similar to the rallies seen in early 2019 and 2021.

Technical indicators are also beginning to favor the bulls. The ETH/BTC trading pair has shown strong recovery signals, with market observers comparing the current setup to 2017, a year when Ethereum significantly outperformed Bitcoin.

Investor sentiment has also shifted, with bullish positions on Ethereum futures now outnumbering bearish bets by a three-to-one margin.

Discussing Ethereum's edge over Bitcoin, DeFi General Partner at 1confirmation Nick Tomaino highlighted the token's dominance in major crypto sectors.

"Ethereum is used by Coinbase, BlackRock, Visa, the largest hedge funds, and the largest private equity firms. It's the chain where DeFi, stablecoins, and NFTs took hold. Ethereum is the chain that matters, and it's the one with utility and innovation."

Tomaino added that Bitcoin is increasingly being seen as a "store of value," while Ethereum is the functional platform.

"Bitcoin is the one people are putting their Bitcoin in, and Ethereum is the one people are building on."

Further boosting Ethereum's appeal are the anticipated introduction of ETH-based staking exchange-traded funds (ETFs) and increased real-world asset tokenisation efforts by financial giants like BlackRock.

These developments are expected to enhance Ethereum's liquidity and long-term value.

VirtualBacon, a prominent market analyst, recently projected that Ethereum could reach $10,000 if Bitcoin hits $200,000.

He also highlighted Ethereum's legal recognition as a commodity, its role as the backbone of major financial applications, and its resilience despite competition from faster blockchains like Solana.

Ethereum's rally comes amid a broader market recovery, outpacing Bitcoin's 19% rise over the past month.

As ETH consolidates near $2,450, analysts remain optimistic about its trajectory, with some predicting significant gains in the months ahead.