Ethereum Leads Crypto Rally With Biggest Weekly Gain Against Bitcoin Since May 2024

Ethereum (ETH) outpaced the broader crypto market on Friday, posting its largest weekly gain against Bitcoin (BTC) since May 2024, as investor sentiment improved following U.S. tariff concessions.

At the time of writing, Bitcoin (BTC) was up 2% over the past 24 hours, trading at $102,000. ETH, on the other hand, surged 13% to $2,311 – its highest price since March 2. The second-largest digital asset traded as high as $2,490 before pulling back.

XRP rose 6% to $2.35, while Solana (SOL) jumped 7.7% to $168, according to CoinGecko.

Ethereum’s outperformance of Bitcoin also pushed the ETH/BTC ratio to 0.0225 – up 5.3% on the day and 18% over the past week. According to Binance data, this marks the ratio’s biggest weekly percentage increase since May 2024.

The total cryptocurrency market capitalization climbed 1.2% to approximately $3.36 trillion, triggering over $1 billion in leveraged liquidations as short positions were obliterated. Ethereum (ETH) accounted for the largest share at $411 million. Bitcoin (BTC) followed with $262 million in liquidations, according to CoinGlass.

Despite Ethereum’s price surge, spot ETH exchange-traded funds (ETFs) recorded $16 million in outflows on May 8, while spot Bitcoin ETFs brought in $117 million in inflows, according to SoSoValue.

Today’s market activity reflects renewed optimism following tariff discussions between the U.S. and U.K., which “offers a breather and mild support for equities,” said Quasar Elizundia, a research strategist at Pepperstone. However, Elizundia emphasized that “caution remains the prevailing tone.”

“[Now], attention is squarely focused on a crucial meeting set to take place this weekend in Switzerland between senior Chinese and U.S. officials, led by Treasury Secretary Scott Bessent,” Elizundia added. “Hopes for a de-escalation in the tariff war have been buoyed by statements from President Trump, who hinted at the possibility of reducing tariffs on Chinese goods from the current 145% to around 80%.”

Meanwhile, Dr. Kirill Kretov, senior automation expert at CoinPanel, noted that the biggest driver behind the sharp price movements isn't a surge in demand, but rather a lack of liquidity.

Dr. Kretov pointed to his latest research, which shows liquidity has been steadily draining from exchanges since November, leaving order books extremely thin. “With so little sell-side pressure, it takes minimal capital to push prices higher or lower,” Dr. Kretov said. “This creates a perfect environment for market manipulators to step in and move prices in whatever direction suits their strategies.”