Ethereum Soars Past Bitcoin: Traders Anticipate Further Growth Amid ETF Buzz
Summary:
Ethereum (ETH) has seen a significant increase in its value against Bitcoin (BTC), climbing from its year's low of 0.0478 on January 9 to reach 0.0587, along with a surge in ETH/USD. Noted trader Michaël van de Poppe anticipates Ethereum will continue its upward path against Bitcoin in the overall cryptocurrency market. The buzz of an upcoming Ethereum's U.S. exchange-traded fund (ETF) debut and comments on its potential from Larry Fink, BlackRock CEO, are fueling the optimistic trajectory. Attention might shift away from BTC/USD following the block subsidy halving in April.
In the past three days, Ethereum (ETH) has seen its value soar by more than 20% compared to Bitcoin (BTC), and analysts predict there's more where that came from. Market data obtained from Cointelegraph Markets Pro and TradingView indicate that ETH/BTC has climbed from its year's low of 0.0478 on January 9 to reach 0.0587 recently. Along with it, ETH/USD is witnessing a surge, hitting marks unseen since the middle of last year.
A primary focus of discussion among notable traders is the bullish divergence on the moving average convergence divergence (MACD), evident on weekly timeframes when considering BTC. As Ether demonstrates improved returns over Bitcoin and several other large-cap tokens, it seems poised to overshadow Bitcoin.
This ongoing shift happens as Bitcoin commends the recent initiation of spot exchange-traded funds (ETFs) in the United States. The buzz of Ethereum soon getting its U.S. ETF debut seems to fuel this optimistic trajectory. Larry Fink, the CEO of asset management company BlackRoc, which launched its own Bitcoin ETF this week, acknowledged on CNBC that an Ethereum-centric move would present valuable potential.
The exhilaration of understanding what the future may hold makes Michaël van de Poppe, the founder and CEO of MNTrading, believe Ether will continue its upward path against Bitcoin in the overall cryptocurrency market capitalization. He shared his thoughts with his X (previously Twitter) followers, saying the dominance of Bitcoin seemed to have reached its peak before the Bitcoin halving. He anticipates Ethereum's momentum might lead to the beginning of the altcoin bull market.
Van de Poppe believes attention will shift away from BTC/USD following the block subsidy halving in April, known to influence prices, but not instantly. Meanwhile, the ETF idea projects a significant Bitcoin supply crunch as institutions aim for long-term BTC exposure. Nonetheless, all investments and trading moves come with risks, and it's advised that investors do their own research before making financial decisions.
Published At
1/12/2024 6:05:00 PM
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