KEY POINTS
- Polymarket bettors are banking on $ETH's chart, which has been on a steady rise in recent days
- The event contract is now at $10.2 million amid increased optimism around the altcoin's momentum
- Ethereum has outperformed Bitcoin and several other altcoins in the last seven days
Ethereum (ETH), the world's second most valuable cryptocurrency, has seen increased attention in recent days, and for Polymarket bettors, it's just beginning, as they raised the altcoin's chances of climbing before the month ends as the digital coin outperformed Bitcoin in the last seven days.
Ether, the native cryptocurrency of the Ethereum blockchain, has been on a 17.5% spike in the past week compared to BTC's 1.2% surge. It is also up by nearly 9% in the past day as opposed to Bitcoin's 3% gains.
Polymarket Bettors Optimistic of $ETH
On Polymarket, where crypto users trade their tokens and altcoins to bet on the likelihood of future events, bettors raised Ether's odds of hitting $3,750 before December.
As of late Wednesday, crypto bettors have ETH prices reaching the said amount at $3,750, while others put their money on a 16% chance the altcoin will hit up to $4,000.
The sentiment of Polymarket users regarding Ethereum's price action comes as the digital currency continues to outperform Bitcoin and other coins in the last seven days, including Binance's BNB (8.2% increase), Solana's SOL (3.9% increase), and TRON's TRX (3.1% increase).
Users of the popular market prediction platform are pointing to Ether's chart, which has been on a steady climb in recent days, for their optimism that has resulted in the event contract now becoming a $10.2 million bet.
"ETH chart is such a beauty right now," one user said, while another noted how "ETH and other alts (altcoins) are holding up good even when BTC and SOL are dropping."
The positive atmosphere around Ethereum is also rippling across the crypto community on X, with some prominent figures also arguing the bullish signals on the altcoin's chart movement.
High Hopes for $ETH to 'Teleport' to $5K
Prominent crypto figure Wolf agreed with Polymarket bettors regarding the Ether chart. "It's incredibly bullish," he wrote Wednesday, adding that once the altcoin clears major resistance at $4,000, "a measured move places it north of $15K."
Another well-followed figure in the space, Immortal, said the Ethereum community can "teleport" the crypto asset to $5,000 by remembering the stories of people who were "second best."
Long-time crypto user @ryandcrypto said if Ether pumps to $5,000 it will be "the most hated rally of all time." His statements refer to the sentiment of other crypto users who believe Ethereum has lost its spark since it challenged Bitcoin's supremacy in the early days.
Meanwhile, trading around ETH remains very active as the 24-hour trading volume exceeded $44 billion Wednesday as per data from CoinMarketCap.
It remains to be seen whether the digital currency will reach its all-time high above $4,700 before the year ends, but for now, optimism among users is helping drive the second-best crypto asset's price forward. As of late Wednesday, the coin is already trading above $3,600.
