Until recently, the manipulable “market cap” was nearly all investors had to go on when measuring the relative value of digital assets. More sophisticated yardsticks are emerging.
Some analysts are optimistic about the broad crypto rally and see further upside, especially for ether.
"There was a flurry of call buying and put selling after the London fork," one trading firm said.
Ether is up 3% over the past 24 hours.
Ethan Allen’s stock prices soared earlier this year as traders confused its ticker for the symbol for ether.
Crypto traders have been hotly anticipating the upgrade while monitoring the deployment for signs of how the changes might affect the pace of new issuance of ether.
Ether has rallied almost 60% in two weeks.
Bulls returned to defend short-term support in bitcoin and ether.
Despite a bearish market, Genesis’ Q2 was the firm’s largest quarter to date.
"The EIP-1559 upgrade is overrated," one trader said.
Bitcoin is declining as regulatory concerns rise; ether is holding support.
Bitcoin hits its highest level since mid May and has risen more than 15% over the past week.
Analysts expect bitcoin to pause at around $40K before its next leg up.
Ether outperformed bitcoin in terms of volume growth and price performance.
The short-term put-call skews have pulled back due to a flurry of call buying.