Ether Soars 7% as Bitcoin Reclaims $98,000

Bitcoin rallied for a second day, boosting altcoins and pushing the total crypto market capitalization up 2.2% to $3.74 trillion.

BTC climbed 3.5% to $98,300, setting the stage for another assault on the $100,000 level. Meanwhile, Ether surged 7% to trade above $3,800 for the first time since June. Consequently, the ETH/BTC ratio is up 5% today to a three-week high of 0.04.

Among the top 100 digital assets by market capitalization, The Sandbox (SAND), Mantle (MNT), GALA, EOS, and HYPE were the day’s biggest winners, rallying by 20% or more.

According to a report from CCData, crypto trading volumes on centralized exchanges hit an all-time high of $10.4 trillion in November, more than double the previous month. Investor sentiment was likely buoyed by Donald Trump’s electoral victory, fueling increased demand for digital assets.

Solana DEX Volumes Dip

After a string of record-breaking weeks, trading volumes on Solana-based decentralized exchanges (DEXs) have dipped 27% to $4.8 billion in the past seven days, according to DeFiLlama.

Meanwhile, volumes on Base, BNB Chain, and Fantom ticked up by 16%, 4% and 12%, respectively. This shift could indicate that traders are looking to position themselves in these ecosystems as their native tokens, FTM and BNB, rally.

In traditional markets, U.S. stocks posted gains on Wednesday, with the S&P 500 and Nasdaq up 0.6% and 1.1%, respectively.