 and Ethereum (ETH). Despite a week of range-bound trading and some recovery from weekend losses, both BTC and ETH have yet to reach new highs.){kind=link}
“It’s really been the Ether story, which is what we’ve been calling for for a long time, an Ether-led rally.” – 01:35
Andy Baehr, Head of Product & Research at Coindesk Indices, joins J.D. Durkin at the New York Stock Exchange to discuss the current state of the cryptocurrency market, focusing on the recent trading patterns of major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Despite a week of range-bound trading and some recovery from weekend losses, both BTC and ETH have yet to reach new highs.
Andy shares his insights on the current market dynamics, noting that the recent sideways trading is a typical pause following a significant rally. He highlights that while Bitcoin has seen some fluctuations, Ethereum has been the standout performer, contributing significantly to the recent rally.
As we discuss the CoinDesk 5 and CoinDesk 20 indexes, Andy emphasizes the remarkable contribution of Ethereum to the recent market rally, which has seen a surge in transactions driven by stablecoins and decentralized trading platforms. He notes that ETH has risen 180% since its lows in April, fueled by significant ETF inflows, particularly into ETH ETFs.