Ethereum Strength May Indicate Crypto Market Bottom

The global cryptocurrency market cap has declined to approximately $2.47 trillion on Monday, roughly 43% below its peak of $4.37 trillion in October.

Despite this decline, several major altcoins have held their ground or posted gains over the past month. Ethereum, for example, rose 9.2% to around $2,160.

Grayscale's Head of Research Zach Pandl says the price action may be telling us that we found a more durable bottom.

Pandl notes that altcoins are trading remarkably well given a difficult macro environment and points to geopolitical tensions and a sharp pullback in equities as headwinds.