ETH's market value surged by $70 billion in a single day, equivalent to nearly 90% of SOL's market value

According to TradingView data, the price of Ethereum surged more than 19% on Monday (US time), adding $70 billion to its total market value of $439 billion. The market value of Ethereum in just one day is equivalent to nearly 90% of SOL's market value. Analysts say that with the expected approval of spot ETFs, Ethereum will be favored by mainstream institutions, and the gap in market value between Ethereum and its competing project tokens (such as SOL) will widen in the coming months. As of press time around 4 pm today, Ethereum is the world's second-largest digital asset with a market value of $453 billion, second only to Bitcoin's $1.38 trillion. Meanwhile, SOL ranks fifth with a market value of $82 billion. Ilan Solot, co-head of digital assets at Marex Solutions, said: "The outlook for Ethereum in the short term is very bullish. Let's not overcomplicate it. The announcement of ETFs is almost a black swan event for (most) investors. The market has been shorting and reducing Ethereum significantly, most of Ethereum liquidity is locked in pledges, and the macro background is also favorable." (CoinDesk)