Market Update: Bitcoin Above $98,000, Ethereum Comeback

After a mixed start to the week, the crypto market seems to be slowly rebounding. The total market capitalization now stands at $3.24 trillion, up slightly 0.75 percent from the previous day. However, compared to last week, there is still a $330 billion drop in value. This correction is mainly due to Trump's tariff offensive last weekend.

At the time of writing, Bitcoin is trading at $98,200 and posting a price increase of 0.85 percent in the last 24 hours. Ethereum is performing better and stands at $2,850 after rising 3.8 percent. This second largest cryptocurrency suffered dramatic losses last Monday, crashing to $2,100. From this low point, the price of ETH has since risen an impressive 35 percent.

A major reason for this rise is record-breaking net inflows into Ethereum Spot ETFs. ETH index funds from BlackRock, Fidelity and others collected more than $400 million in the past two trading days.

In direct comparison with Bitcoin, however, Ethereum lags behind. A year ago, you could buy just 19.2 ETH for 1 BTC; now it's 34.5. The last time Ether performed this poorly was in early 2021.

As a result of the cooling in the crypto market, the Fear & Greed Index is now in neutral territory with a current score of 49. This could indicate an end to last month's overheating.

On Tuesday night, crypto czar David Sacks announced his plans for the coming months. Despite his plea for more transparent regulation, prices fell again as many investors eagerly await the U.S. Bitcoin reserve.