Ether Poised for All-time Highs Ahead of Bitcoin, as Focus Shifts to Altcoins
Summary:
Michaël van de Poppe, head of MNTrading, predicts that Ether (ETH) could reach record highs before Bitcoin (BTC) returns to price discovery. Amid the increased interest in altcoins, ETH prices seem to be escalating. BlackRock's IBIT recently overtook Grayscale Bitcoin Trust in BTC holdings, marking a symbolic moment in the Bitcoin ETF battle. Despite sudden leadership changes at Grayscale, Bitcoin ETF managers are noticing a resurgence of investor interest.
Michaël van de Poppe, founder and CEO of MNTrading, speculates that Ether (ETH) may reach unprecedented highs sooner than Bitcoin (BTC) returns to price discovery. This comes in light of a recent shift in market focus towards altcoins, heightening ETH prices. Crypto traders predict robust Bitcoin price activity triggered by another significant ETF moment: the introduction of spot ETF products on Ether in the United States. Although trading hasn't fully begun, spot ETF has received tentative regulatory approval following an unexpected change of stance. This could decrease Bitcoin's percentage of the total crypto market capital, providing altcoins with an opportunity for further growth. "Bitcoin's dominance has probably reached this cycle's summit at 58%," Van de Poppe stated. "Altcoins are extremely undervalued in comparison to Bitcoin. The next record is probable for Ethereum." As of press time, ETH/USD was trading at approximately $3,850, significantly lower than its record $4,900 in late 2021.
On May 28, BlackRock's IBIT overtaking Grayscale Bitcoin Trust (GBTC) in BTC holdings marked an important moment in the Bitcoin ETF battle. Informs tracked by different sources including crypto review portal Apollo, showed that at the end of Wall Street trading, IBIT held 288,670 BTC compared to GBTC's 287,450 BTC. GBTC has seen a steady decrease in assets under management since its transformation to a spot ETF in January. GBTC initially held around 620,000 BTC, a figure now reduced by 53%.
WhalePanda, a popular commentator notes "Blackrock now holds more BTC than GBTC", referring to the latest market shift. He also mentioned the recent changes at Grayscale, with CEO Michael Sonnenshein resigning earlier in the month. Despite these changes, Bitcoin ETF managers have experienced renewed interest, with flows being net positive for ten days in a row. This news piece doesn't advise or endorse investments. All investments and trading activities carry risk, and readers are urged to undertake individual research before making decisions.
Published At
5/29/2024 10:14:13 AM
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