Ethereum Surges Past Bitcoin as Crypto Cycle Weakens, Eyes $3K Target

Ethereum's spot volume surged nearly 50% in the past 24 hours, outperforming Bitcoin's 7% increase, according to Glassnode data. This growth comes as Tom Lee, head of research at Fundstrat Global Advisors, believes the crypto 4-year cycle may be weak from the bottom and is bullish on Ethereum due to its potential in transforming financial services with artificial intelligence.

Lee pointed out that AI will change financial services, making cryptocurrencies a primary tool for this shift. He emphasized his bullish stance on Ethereum, saying 'that's why we're really bullish on Ethereum as well.'

Ethereum's open interest rose 1%, while Bitcoin's fell 3.9%. Analyst Ted Pillows noted that Ethereum is eyeing $3000 if it closes above the $2550 level.