Over the past two months, Ethereum has been performing better than Bitcoin, with analysts expecting an increase in the coming days due to the launch of an Ethereum ETF. This is expected to strengthen ETH against BTC, especially in the case of a bearish divergence on the BTC weekly chart.

Upcoming Ethereum ETF Expected to Drive Growth

The approval of an Ethereum ETF is likely to provide a major boost to ETH, possibly triggering more capital investments in the market. According to the analyst Michael Van de Pope, ETH would continue to outperform the Bitcoin trend due to this. K33 research also reveals that these inflows could constitute about 0.75-1% of Ethereum’s circulating supply over five months. 

The $BTC dominance has likely peaked. Ethereum has been outperforming Bitcoin for two months straight.

The upcoming Ethereum ETF will likely push it even further, through which the potential bearish divergence on the weekly timeframe seems inevitable to be valid. pic.twitter.com/gauZeQKYNf

— Michaël van de Poppe (@CryptoMichNL) July 13, 2024

The analyst believes that the current ETH/BTC prices are good for the patient traders. The ETF launch is expected to cement ETH’s standing and boost its price as institutional investors join the market.

However, the upcoming ETF is an event that can mark the change of the tide in the markets when it comes to Ethereum. The market has Ether futures priced lower than Bitcoin futures even as investors expect better performance of ETH after the ETF launch.

Spot Ethereum ETF Approval: Market Awaits SEC Decision

The U.S. Securities and Exchange Commission (SEC) has still not granted approval to spot Ethereum ETFs, leaving issuers waiting for an extended period. As reported by Bhushan Akolkar, the absence of the SEC’s comments this week on the spot Ethereum ETF has raised concerns among issuers. In response, ETF Store President Nate Geraci said that the SEC is handling the spot Ethereum ETF S-1 filings with as much confidentiality as 19b-4 forms.

Although Geraci has not received any communication from the SEC, he thinks the approval may come soon, perhaps within the next week.

Bloomberg’s ETF strategist Eric Balchunas noted that there is no information whatsoever from the SEC about Ethereum ETFs, making issuers confused about the holdup. Largest market participants and Ethereum whales have been buying ETH in preparation of ETF approval, with the expectation of ETH price soaring after the approval process.

Bitcoin Faces Potential Sell Pressure

Bitcoin is anticipated to face selling pressure at $8.5 billion worth of BTC is sent back to the creditors of the prominent crypto exchange that went bankrupt, Mt. Gox. Such an influx of Bitcoin into the market might put downward pressure on the price of Bitcoin.

However, Benjamin Cowen, an analyst, pointed out that the previous Ethereum narrative of outperforming Bitcoin has not been realized as anticipated.

According to Cowen, events like the shift from proof-of-work to proof-of-stake have not had a major impact on the ETH/BTC pair. He remains skeptical about the impact of the spot ETF for ETH in sustaining a high ETH/Bitcoin valuation, drawing parallels with previous market trends.

Market Sentiment and Price Predictions

The market continues to be somewhat polarized over the valuation of Ethereum when compared to Bitcoin. Looking at historical data, Bitcoin dominance tends to rise in the fourth quarter of the halving years, which implies that BTC dominance may increase later this year even if there are temporary retracements.

Crypto exchange Kraken has said that it is bullish on Ethereum ETFs to bring in a lot of money into the market. According to Thomas Perfumo of Kraken, the market anticipates that Ethereum ETF products will see between $750 million and $1 billion in monthly inflows.

This projection is based on the comparison with Bitcoin ETFs inflow rate which has been above $2. 5 billion.

Read Also: Vitalik Buterin Faces “Community Rage” Over COVID-19 Post

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In a recent market analysis, QCP Capital has highlighted significant bullish momentum in the crypto market, particularly for Bitcoin (BTC) price. However, QCP Capital expects Ethereum (ETH) to grab the spotlight. In their report, they highlighted that Bitcoin Exchange-Traded Funds (ETFs) has experienced a robust 15-day inflow streak.

QCP Capital Prediction On Bitcoin & Ethereum

The Bitcoin ETFs witnessed an influx of $886.1 million on Tuesday, June 4. This marked the second-largest inflow since its inception. Moreover, this substantial inflow has been accompanied by notable activity in the options market.

Furthermore, QCP Capital observed considerable buying interest in Bitcoin call options expiring in June. Hence, this trend indicates strong bullish sentiment. Moreover, the Bitcoin price is positioning for a potential breakout above the all-time high of $74,000 this month.

The firm’s analysis suggests that market participants are gearing up for a decisive move, reflecting confidence in Bitcoin price’s continued upward trajectory. However, while Bitcoin has been at the forefront of this recent surge, Ethereum has been trailing behind.

Despite this lag, QCP Capital anticipates that ETH could soon catch up and possibly even outperform the Bitcoin price surge. The rally will particularly be witnessed when the Spot Ethereum ETF begins trading, stated QCP Capital. The firm posits that the introduction of an Ethereum ETF could trigger significant rotations of funds from Bitcoin to Ether, providing additional upward momentum for the latter.

Also Read: Bull Run: Can Crypto Market Reach $3 Trillion, With Bitcoin Price Above $71,000?

Advise On Capitalizing ETH Surge

QCP Capital has also proposed a strategic trade to capitalize on this expected Ethereum price rally. They recommend achieving high convexity exposure to an Ethereum price increase in the near term through Zero Cost ETH September Knock-In, Knock-Out (KIKO) options.

The trade structure involves a short put strike at $3,500 with a knock-in level at $3,000, and a long call strike at $4,000 with a knock-out level at $6,400. This setup offers a maximum payout of 219.55% per annum or $2,400 per Ethereum if the spot price expires just below $6,400.

However, the cost of this trade is zero, but there is a downside risk. If the spot price falls below $3,000 at expiry, the investor must buy ETH at $3,500. As of now, Ethereum price is hovering around $3,700, indicating a bullish outlook in line with QCP Capital’s analysis.

Also Read: Bitcoin At $72K Sets $1.5B Liquidation Cascade, Willy Woo Predicts What’s Next

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Ethereum remains on the watchlist of traders and investors following the landmark approval of multiple Ethereum spot exchange-traded funds (ETFs) on May 23.

Ethereum Futures Set New Monthly Record At $1.26 Billion

Following the landmark approval of eight Ethereum spot ETFs, Ethereum futures on the Chicago Mercantile Exchange (CME) has soared to a new monthly high on trading volume metrics. Data according to The Block’s dashboard, which cited Coinglass data, records upwards of $1.26 billion in May, relative to the $615.75 million in April.

The 104.62% increase points to increased interest and activity in trading Ethereum options contracts, ideally driven by positive market sentiment following the approval of ETH ETFs on Thursday last week.

Alongside the surge in trading volume, Coinglass data shows a $720 million surge in Ethereum Futures open interest this week.

Open Interest points to the sum of all open long and short positions for the concerned asset. It suggests increased liquidity and depth in the ETH options market, meaning traders can easily enter and exit positions. With the surge in trading volume and open interest, ETH markets are recording growing speculation and hedging activity. Traders should exercise caution amidst the heightened volatility.

Reports also indicate that the CME does not have plans to offer Solana futures, citing a person close to the matter.

CME HAS NO PLANS TO OFFER SOLANA FUTURES: PERSON FAMILIAR

Source: DB | Coins: SOL

— db (@tier10k) May 29, 2024

London Stock Exchange Lists Physically Backed Bitcoin, Ethereum ETPs

Meanwhile, institutional players continue to embrace crypto and ETH specifically. In a significant development in the UK financial market, the London Stock Exchange (LSE) posted physically-backed Bitcoin (BTC) and Ethereum exchange-traded products (ETPs) for trading.

The LSE boasts $755 million in crypto assets under management (AUM). With these made available to institutional financial backers, the listing of BTC and ETH ETPs, facilitated by WisdomTree and 21Shares,   increases exposure for the assets. It makes them available for buying and selling.

Physically backed ETPs are investment products holding actual cryptocurrencies, Bitcoin and Ethereum in this case, to back their value. This is different from what ETFs do, tracking the price of these assets. Listing BTC and ETH on the LSE therefore provides more security and transparency for investors looking for exposure to these cryptocurrencies without actually holding them themselves.

Elsewhere, Ark Invest CEO Cathie Wood has echoed what markets had assumed, that ETH ETF filings were approved because crypto is now a factor in US elections. She acknowledged that all signs pointed to a rejection. Citing Wood on stage at Consensus 2024 during an interview with What Bitcoin Did podcast host Peter McCormack, she said:

The read was it was not going to be approved. It was absolutely not going to be approved.

At the time of writing, the Ethereum price is trading for $3,756, pulling back slightly into the key support level of $3,698. If this level fails to hold as support, the ETH price could provide another buying opportunity near the $3,600 threshold, with a sell signal that is pending activation.

Also Read: Ripple CEO Advocates For Clear Crypto Regulation Ahead of 2024 Election

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Bitcoin (BTC), the world’s largest cryptocurrency, remains under pressure following its inability to surpass $64,000 last week. Currently, Bitcoin is trading at a price of $61,605, down 1.33%, with a market capitalization of $1.213 trillion. This selling pressure is also evident in the broader cryptocurrency market, with Ethereum (ETH) price struggling to maintain above $3,000 recently. Nevertheless, there has been a resurgence in whale activity for these top two cryptocurrencies.

Bitcoin Whale Activity On The Rise

According to insights from on-chain data provider Santiment, as Bitcoin maintains a tight range between $61K and $64K, significant whale activity has been observed in the past 24 hours. Wallets holding between 1,000 and 10,000 BTC have collectively amassed approximately $941 million worth of coins. This accumulation trend marks a rebound to their highest holding level in the past two weeks.

CryptoQuant CEO Ki Young Ju stated that the fundamentals of the Bitcoin blockchain are strong enough to support a market cap that is three times its current size. As per him, bitcoin could easily sustain a price of $265K.

#Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K. pic.twitter.com/GnsrSIrtuY

— Ki Young Ju (@ki_young_ju) May 8, 2024

According to an analysis by Rekt Capital, as Bitcoin continues to consolidate within the range of its current price and $70,000 following the Halving event, the cycle is anticipated to decelerate. This deceleration is likely to realign the current cycle with the historically recurring Halving Cycle, potentially leading to a Bull Market peak around mid-September to October 2025.

Ethereum Whale Scoops $32 Million worth of ETH

According to insights from on-chain data provider Lookonchain, a significant investor holding a long position in Ethereum ($ETH) recently withdrew 6,030 ETH (equivalent to $18.09 million) from the exchange Binance. This withdrawal follows a pattern of accumulation, with the whale acquiring a total of 10,758 ETH (valued at $32.14 million) from Binance since May 2.

The investor then converted the ETH to staked Ethereum ($stETH) and deposited it into the decentralized lending platform Aave. Subsequently, they borrowed $28.5 million worth of stablecoins from Aave to reinvest in acquiring more Ethereum.

A whale who is long $ETH withdrew 6,030 $ETH($18.09M) from #Binance again 20 minutes ago.

This whale has accumulated 10,758 $ETH($32.14M) from #Binance since May 2.

He swapped $ETH to $stETH and deposited it into #Aave, then borrowed $28.5M stablecoins from #Aave to buy more… pic.twitter.com/tbtXLDbvua

— Lookonchain (@lookonchain) May 9, 2024

As of press time, the Ethereum price is trading just under $3,000. If ETH fails to hold these levels, we could see further price correction all the way to $2,700.

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Ether (ETH) has surged ahead in 2024, outpacing Bitcoin (BTC) with a remarkable 28% climb compared to Bitcoin’s 21% advance. This significant performance shift marks a departure from the trends observed in 2023, where Bitcoin typically led the market.

The latest data indicates a clear change in market dynamics, with Ether taking the lead over Bitcoin. This reversal highlights the growing prominence and investor confidence in Ether, positioning it as a key player in the cryptocurrency market for the year ahead.

US Regulators Approve Spot Bitcoin ETFs, Fueling Speculation

The recent approval of spot Bitcoin ETFs by US regulators has ignited speculation and reshaped the cryptocurrency market landscape. This regulatory milestone has resulted in a substantial net inflow of $5.2 billion into the market, indicating heightened investor interest and confidence in Bitcoin-backed investment products.

Amidst this regulatory development, speculation now swirls around the potential approval of Ether ETFs. However, uncertainty looms as regulatory authorities navigate the complexities of the cryptocurrency market. Investors and industry observers are closely monitoring regulatory decisions, anticipating their impact on the broader crypto ETF landscape.

Also Read: Bitcoin ETF: BlackRock’s IBIT & Grayscale’s GBTC Plunge Pre-market After Weak Inflow

Expert Opinion: Ether Expected to Outperform Bitcoin in Coming Months

Stefan von Haenisch, Head of Trading at OSL SG Pte in Singapore, has weighed in on the trajectory of Ether (ETH) against Bitcoin (BTC), offering insights that point towards Ether’s continued outperformance in the coming months. Von Haenisch’s analysis comes amidst lingering doubts over Gary Gensler’s stance on Ether ETF approval. As anticipation mounts and regulatory uncertainties persist, the crypto community remains vigilant, mindful of potential legal challenges that may impact the fate of Ether ETFs.

Furthermore, institutional interest in the Ether futures marketplace is on the rise, indicating a growing demand from investors seeking exposure to Ether-related products. This trend underscores the increasing institutional adoption of Ether and suggests a bullish sentiment towards the cryptocurrency in the foreseeable future.

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Even as Ethereum does well and traders expect good things, the value of Bitcoin compared to Ethereum is still 18 times, which is the highest in two years. The lasting power of Bitcoin compared to Ethereum shows that Bitcoin remains more valuable than Ethereum in the marketplace, even though Ethereum has good basics and continues to improve its network technology.

Despite ETH strength, the BTC/ETH ratio is still at 18x which is around 2-year highs. pic.twitter.com/VXT32bjrzZ

— NFTstats.eth (@punk9059) February 19, 2024

Ethereum’s Bull Run and Technological Advances

Over time, ETH has tended to grow more quickly than Bitcoin during market upswings, and its smaller size lets it generally increase price by a more significant percentage. Ethereum’s price recently went from $1,500 to $2,800, showing traders and investors are more confident than before. The optimistic view is also supported by Ethereum playing a key role in the decentralized finance (DeFi) and non-fungible token (NFT) areas, which are leading the way in crypto innovation.

Moreover, the ETH’s network is getting significant upgrades, especially the expected Dencun Upgrade that wants to make the network handle more transactions, cost less to use, and work better overall. The potential approval of an Ethereum Exchange Traded Fund (ETF) in the United States and technological advancements are the main factors that make people optimistic about the Ethereum market.

Challenges Ahead for Ethereum

As ETH moves towards hitting new record-high values, it has a significant challenge in its way. The resistance level at $4.7 million, where a lot of ETH was bought, makes a solid barrier. At this price level, many people who bought at or near this price might decide to sell, which could stop the price from going up. This represents an essential point for the market because it has significant effects on people’s minds and their money.

The Ethereum futures market has also seen a significant rise in open interest, reaching the highest level since July 2022. This shows positive views from traders but also suggests a market that easily changes, needing carefulness from people taking part.

Bitcoin’s Unwavering Dominance

Even though ETH has strong basic principles and its supporters are very excited, Bitcoin still leads the cryptocurrency market. The BTC to ETH ratio of 18:1 shows that Bitcoin has a much higher market value than Ethereum, demonstrating it remains the top digital currency. The strength and common use of Bitcoin as a way to store value and make transactions help Bitcoin stay ahead of ETH.

Read Also: Partisia Blockchain Airdrop Kicks off With 25 Million MPC Tokens Available

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Over the past week, Bitcoin (BTC) price action has been sluggish. However, it has now moved above the $40K mark, indicating a potential recovery path. Ethereum (ETH) also clocked significant losses over the week but has now managed to neutralize its position.

On Saturday, Bitcoin’s price stood at a level close to $42,200, marking a daily increase of 1% as per CoinGlass data. The trading volume in crypto derivatives dropped significantly, down 55% to $21.50 billion. Despite this, Bitcoin’s total market value stayed at $828.78 billion, with open interest (OI) for Bitcoin reported at $17.98 billion. 24-hour liquidations surpassed $13.37 million, indicating sell pressure.

In comparison, Ethereum was priced close to $2,280, with a modest daily increase. The amount traded fell by nearly 50% to $8.44 billion, while its total market value was $275.03 billion. Ethereum’s OI stood at $7.79 billion, with liquidations totaling $4.35 million.

BTC vs ETH: Key metrics analysis

IntoTheBlock’s metrics reveal insightful details about the two cryptocurrencies. Bitcoin’s large transaction volume decreased by 39.08% to $25.93 billion, indicating a decrease in high-value transactions. Daily active addresses increased by 7.76% to 979,300, reflecting a rise in user activity. The holder’s balance slightly rose to $581.26 billion. Notably, exchange netflows saw a significant drop of 129.87% and touched negative $71.71 million. The whale participation rate stood at 2.31%. Currently, 82.45% of Bitcoin holders are ‘in the money,’ showing a positive investment return.

For Ethereum, the large transaction volume also decreased by 49.58% to $2.14 billion. Daily active addresses were at 595,640, up by 9.94%. Ethereum’s holder’s balance increased to $218.04 billion. Exchange netflows showed a dramatic decrease of 405.1% and touched negative $96.24 million. Ethereum whale participation rate was significantly higher at 36.89%, with 71.70% of holders ‘in the money.’

Both Bitcoin and Ethereum are experiencing a decline in large transaction volumes, which implies a relatively reduced trading interest from investors. The negative exchange netflows for both suggest that users are moving their holdings out of exchanges.

IntoTheBlock also noted that Bitcoin and Ethereum saw over a 30% decrease in transaction fees, attributed to reduced market volatility and less urgent need for transactions among users.

Bitcoin and Ethereum fees declined over 30% as market volatility decreased, leading to relatively less urgency amongst users transacting pic.twitter.com/Bk3Wd1SblY

— IntoTheBlock (@intotheblock) January 26, 2024

What are analysts betting on?

Crypto analyst Michaël van de Poppe recently said in a post on X, “I personally believe that #Ethereum is going to outperform #Bitcoin in the upcoming period and it has started since the ETF approval.”

He pointed out a ‘massive weekly bullish divergence’ and crucial resistance at 0.06 BTC. Van de Poppe also anticipates further consolidation before a potential market uptrend.

Also Read: Top Crypto Analyst Compares Investment Potentials Of Bitcoin (BTC) & Ethereum (ETH)

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QCP Capital has forecasted that Ether (ETH) will likely surpass Bitcoin (BTC) in terms of performance over the medium term. This projection stems from the growing anticipation surrounding the potential approval of spot Ether ETFs.

Spot Ether ETFs Fueling ETH’s Momentum

The underlying momentum for Ether’s predicted ascendancy can be traced to the market’s reaction following the U.S. Securities and Exchange Commission’s (SEC) approval of multiple spot bitcoin ETFs. Post-approval, Ether has experienced a notable surge, climbing over 5%, as opposed to Bitcoin’s decline of more than 6% during the same timeframe. This divergence in performance is largely attributed to the burgeoning optimism for Ether’s ETF prospects.

QCP Capital Analysis

QCP Capital’s analysts have emphasized this sentiment in their latest Market Update report. They note that the ETH/BTC exchange rate has risen from 0.05 to 0.06 in just a week. Their report further states, “We expect ether to continue outperforming bitcoin over the medium term as the narrative rotates to potential ETH spot ETF approvals.”

Reflecting on the market’s response, the ETH/BTC exchange rate has notably risen from 0.05 to 0.06 over the past week. Additionally, Ether’s circulating supply in profit has reached a multi-year high of 91.8%, overshadowing Bitcoin’s 86.2%. These figures demonstrate Ether’s current strength and underscore its potential for sustained growth in the coming months.

Adding further weight to this prediction is the stance of BlackRock CEO Larry Fink. As reported by coinpress, Fink expressed his support for an Ethereum ETF, highlighting its value in the gradual tokenization movement. Fink’s comments came in the wake of BlackRock’s filing with the SEC for a spot ether ETF last November, a move that followed its application for a bitcoin ETF in June.

The Ethereum Network’s Latest Developments

The Ethereum network itself is witnessing significant upgrades. The recent Dencun upgrade on the Goerli testnet, despite a minor delay due to a bug in the Prysm implementation, showcases the network’s ongoing evolution. Once live on the mainnet, this upgrade is expected to reduce transaction costs significantly on Ethereum layer 2 solutions, further bolstering Ether’s appeal.

Consequently, the potential of a spot ether ETF, coupled with Ethereum’s technical advancements, presents a landscape ripe for investment diversification. Traditionally leaning towards Bitcoin for its market dominance, investors now consider ether a viable alternative or complementary asset. This shift could reshape the dynamics within the crypto market, potentially leading to a more balanced ecosystem between these two leading cryptocurrencies.

Read Also: Tether Forms Strategic Alliance with Rhino.fi for Enhanced Liquidity

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Ethereum (ETH) has delivered a strong performance quite in tune with the Bitcoin performance. However, it has underperformed other Layer-1 competitors such as Solana, Polkadot, and Chainlink. This has led to a new debate about whether Ethereum is dead and what future it holds.

Ethereum’s Prominence Won’t Diminish

Crypto analyst Michael van de Poppe suggests that Ethereum’s prominence will not diminish but rather strengthen for several reasons:

1. Ethereum’s transition from PoW to PoS has garnered attention, and its true impacts are yet to be fully realized. The coming year is expected to reveal the fundamental growth of the ecosystem, making Ethereum potentially deflationary and a more enticing investment than Bitcoin.
2. Similar to Bitcoin, Ethereum is in the process of having a Spot ETF application, which, upon approval, could be more significant. This development opens doors for decentralized applications (dApps) built on Ethereum to be included in ETFs, potentially increasing its appeal.
3. Van de Poppe highlights the money flow cycle, noting that Bitcoin usually takes the spotlight before halving. In this cycle, the approval of Bitcoin ETFs is expected to generate positive momentum. As money flows through market capitalizations, Ethereum is likely to be the next beneficiary.

Q1 Is Always Great for ETH

Crypto analyst Michale van de Poppe says that in recent weeks, Ethereum has faced negative sentiment, experiencing underperformance compared to Bitcoin. This is considered organic and natural price action, given the prevailing focus on Bitcoin before the ETF approval. Ethereum is anticipated to follow a similar pattern, and this carries various implications and reasons, particularly with the absence of distinct price action at the moment.

Poppe also shares a chart showing that historically, ETH has always outperformed Bitcoin during the first quarter of the year.

Michael van de Poppe anticipates a Bitcoin price range of $48,000 to $51,000 to be achieved before the awaited ETF approval. His forecast also includes a peak in Bitcoin’s performance in January, prompting a swift movement of funds towards altcoins. According to Poppe, the Bitcoin dominance is likely reaching its pinnacle before the Bitcoin halving. Consequently, he suggests that the first quarter of the year will present favorable returns for investments in the Ethereum (ETH) ecosystem.

The #Bitcoin dominance is likely peaking pre-Bitcoin halving.

That means that Q1 is going to give a great return for investments in the $ETH ecosystem.

I'm positioned and ready. pic.twitter.com/Iqlxkojz4w

— Michaël van de Poppe (@CryptoMichNL) December 22, 2023

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Ethereum News: Vitalik Buterin, Ethereum co-founder announced that he will open up about crypto and non-crypto queries. This comes in when the biggest of the cryptos like Cardano (ADA), Polygon (MATIC), and Solana (SOL) got categorized as “Security” by the U.S. Securities and Exchange Commission (SEC) in the latest lawsuits.

Also Read: XRP Whales Scoops 360 Million XRP; Ripple Lawsuit Verdict Near?

Ethereum To Emerge As Winner?

A user asked Buterin, how he feels about the US policy approach to crypto amid recent enforcements. Ethereum founder stated that he feels bad that major projects like Solana are getting hit in this way. He asserted that these blockchains don’t deserve this.

He mentioned that if Ethereum ends up winning when all other blockchains are getting kicked off from crypto exchanges, would not present an honorable way to win. However, he suggests that this isn’t even a victory in the long term.

As per Ethereum founder, its real competition is not with other chains in the crypto industry as it is rapidly expanding in the centralized world. Meanwhile, Buterin wished that all the blockchain projects get a fair outcome amid the increasing uncertainty. Read More Ethereum News Here…

Also Read: ADA, MATIC, ALGO Are Not “Securities”: XRP Lawyer

Solana Makes Huge Comeback?

The US SEC in the recent lawsuit filed against Binance and its CEO Changpeng Zhao alleged that crypto assets like Cardano (ADA), Solana (SOL) and Polygon (MATIC) as unregistered securities. However, the list carries other famous cryptos like SAND, MANA, ATOM, FIL and more.

Solana price registered a huge collapse over SEC’s categorization. However, SOL made a huge recovery on Friday as its price spiked by around 15%. Solana is trading at an average price of $18.7, at the press time. Its 24 hour trading volume is up by 165% to stand at $997 million.

The post Ethereum Founder Feels Sorry For Solana; Here’s Why appeared first on coinpress.

Crypto News: A substantial change in the relationship between the world’s two largest cryptocurrencies was recently observed as the correlation between the prices of Bitcoin and Ether dropped below 80% for the first time since November 2021. In simpler words, the declining correlation between BTC and ETH prices indicates that both digital assets are no longer moving in tandem to the same extent as they once did.

Bitcoin’s Correlation With Ether

This week, the rolling 30-day correlation between Bitcoin and Ether dropped to approximately 78%, as indicated by the data from Kaiko. Correlation is a measure of how closely two assets’ prices move together and when this correlation falls, asset prices typically respond differently to broader macroeconomic conditions and other crucial events.

Read More: PEPE Coin’s Price On The Cusp Of Massive Drop, Here’s Why

The price of Bitcoin has recently lost its relationship with the stock market in the United States. This occurred while the price of Bitcoin was rising amid a time of increased regulatory scrutiny. Ethereum, on the other hand, has significantly surged due to its Shanghai (Shapella) hard fork, which is reflective of a similar trend seen in September 2022 during the Merge — when Ethereum converted its consensus method to proof-of-stake.

What It Means For Crypto?

Tokens and assets of Layer 2 projects that are part of the Ethereum ecosystem are predominantly linked to the price movement of ETH. As the link between Ethereum and Bitcoin continues to weaken, ETH and other tokens in the ERC-20 ecosystem may experience lesser volatility in response to large-scale events that can potentially shift markets.

Earlier, the volatility of Bitcoin’s price had a significant impact on the prices of ETH and other altcoins traded on the crypto market. However, with this crucial development, it’s possible that things won’t be the same going forward, where ETH and ETH-based coins react differently to the price of Bitcoin. Moreover, due to the fact that the drop has happened for the first time since November 2021, further price divergence between the two flagship assets is anticipated given the current state of the market.

According to data obtained, the values of BTC and Ether have increased by nearly 61.8% and 50.05% so far in 2023, respectively. As things stand, the price of Bitcoin is currently exchanging hands at $26,850 while Ethereum is trading close to the $1,800 price mark.

Also Read: All You Need To Know About Twitter’s New CEO Linda Yaccarino

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Ethereum News: Ethereum, the second largest crypto registered a price surge of a whooping 7% in the last 24 hours as its network successfully completed the much anticipated Shanghai hard fork. However, the upgrade has allowed the network participants to withdraw their staked funds.

Also Read: Ethereum Institutional Demand Rises, Will ETH Put BTC Out of Crypto Spotlight?

Ethereum Set To Outperform Bitcoin?

The biggest of altcoins rallied as Ethereum (ETH) price breached the much anticipated $2100 mark after 9 long months. Ethereum price surge comes in when Bitcoin, the biggest crypto asset seems to be in the driving seat mid term. As the sentiment turned out in the favor of ETH, the second largest crypto outperformed BTC over the period of the last 7 days. ETH price spiked by 13%, while BTC price jumped by 10%.

Crypto Analyst, Credible Crypto suggested that Ethereum price might take a hit in the short term, while it is safe to with Bitcoin under this phase. It is important to note that when Bitcoin lead, altcoins follow. As the ETH price broke out through the $2.1K level shortly after breaching the crucial $2K level, implies ETH strength. Read More Ethereum News Here…

Also Read: US SEC Might Face Jury Over Ripple’s Fair Notice Defence

However, this could also suggest that attention now may shift to some altcoin but only if Bitcoin stays and maintain for a bit. Cryptos like Cardano (ADA) and Solana (SOL) price are up by 14% and 21%, respectively.

It is important to note that ETH price jump is quite weak compared to the Bitcoin surge as market participants didn’t buy Ethereum anticipating a drop after the update. Meanwhile, the amount of unstaking turned out to be much less the expected and ETH price registered a surge. ETH price is up by over 5% in the last 24 hours. It is trading at an average price of $2,115, at the press time.

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After suffering a massive sell-off in 2022, this year started with a bang for all major cryptocurrencies. Bitcoin and Ethereum, two leading digital assets of the cryptocurrency market, have always been the center of attraction for crypto traders. So, it’s quite understandable when someone wants to choose between Bitcoin vs Ethereum for the long-term investment option.

Bitcoin vs Ethereum: Let’s put their performance in perspective

Are you looking to start your long-term crypto journey and curious about the future of bitcoin vs Ethereum? You are at the right place, here is a quick rundown of some of the biggest considerations regarding the investment outlook for each cryptocurrency.

Bitcoin: BTC price eyeing $25K

Bitcoin price is currently valued at $22,953.15 and has a $24,117,660,098 24-hour trading volume. With a live market worth $442 billion, BTC has gained over 38% in the past four weeks.

The recent price surge might expose BTC to levels as high as $23,900 and $25,150 in the forthcoming months. Now, talking about whether Bitcoin is a good long-term investment or not. So, many crypto experts believe that for the next one to three years, BTC prices will be bullish and may touch new heights soon.

Ethereum’s Price Holds Steady at $1.6k

The price of Ethereum in the last 24 hours was $1,633.93, with a trading volume of $6,700,985,956. On the upside, ETH is anticipated to face a bullish crossover that might expose ETH to $1,750. In the past 30 days, Ethereum has risen nearly to 36%.

Ethereum has remarkable long-term staying power in terms of utility and real-world use cases. From being the pioneer of the concept of smart contracts to an innovation leader when it comes to decentralized finance and non-fungible tokens, Ethereum has shown its dominance in the world.

Bitcoin vs Ethereum: Conclusion

Both the leading cryptocurrencies have strong growth potential, but at the same time, they are extremely volatile. That means investing in cryptocurrencies for the long term involves carefully considering factors such as technology, adoption, regulation, market demand, and detailed research.

Also Read: First Golden Crossover Of 2023 Sets Bitcoin Price To Cross Above $40000

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Which is a better investment, Bitcoin or Ethereum?: This debate has been going on for a very long time. But there are certain things you should keep in mind before evaluating any of them.

The major distinction between Bitcoin and Ethereum is their respective use cases. Simply put, Bitcoin is considered  as a store of value, but Ethereum facilitates smart contracts and secure financial transactions.

Though Ethereum was supposed to be a complement to Bitcoin, it has instead become a competitor. Bitcoin marked the advent of a new type of digital currency that functions independently of any government or organisation.

It is important to note that Bitcoin is a cryptocurrency, whereas Ethereum is a platform.

Future of Ethereum and Bitcoin

The most recent difference between Bitcoin and Ethereum came with the completion of the Ethereum “merge” in mid-September. Both cryptocurrencies formerly employed the proof-of-work (PoW) process to validate transactions and safeguard the blockchain. Although Bitcoin continues to employ PoW, Ethereum’s long-awaited Merge transitioned the network to a proof-of-stake (PoS) process.

The Ethereum network’s energy consumption is predicted to shrink by more than 99% as a result of the PoS transition. One of the most serious critiques levelled against cryptocurrency in general has been its vast carbon footprint and high energy requirement, which ETH has now directly addressed but Bitcoin has not.

Investors should keep in mind that transitioning from one legacy system to another is a challenging process, and should anticipate some bumps along the road.

Also Read: Bitcoin, Ethereum Price Prediction- Altcoin Rises As BTC Regains Lost Ground

According to experts, three things will happen as a result of the switch: The merge will lower the amount of new Ether created each year by around 70% to 75%, reduce Ethereum’s carbon emissions by 99% or more, and make the cryptocurrency more appealing to investors who are concerned about environmental, social, and governance aspects, or ESG. This may lead to an influx of institutional money into the Ethereum ecosystem.

On the other hand, experts continue to predict that Bitcoin will reach $100,000 – and it’s a matter of when, not if. First and foremost, it is limited in quantity, therefore its value will rise over time. Bitcoin will most likely see short-term volatility and long-term growth.

It is useful because it addresses two major concerns with the existing financial ecosystem: distrust and inaccessibility. It is a decentralised network that enables individuals to trade value around the globe without the need for a regulatory authority or financial middleman. All you need is Internet connectivity and a computer or smartphone.

Conclusion:

Bitcoin and Ethereum have fallen by more than half since their all-time highs in late 2021. While crypto winter is in full swing, it might be a great time to invest wisely in this asset class.

From a practical standpoint, investors should build a well-diversified portfolio. Bitcoin and Ethereum should be part of such a portfolio.

Also Read: Bitcoin Vs Ethereum: Twitter’s Jack Dorsey Ready For War

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Ethereum ($ERC) is one of the world’s most popular blockchains. This smart-contract network is worth over $500 billion and powers over 3,500 decentralised apps. Each project has its own unique token and ecosystem that are unrelated to the ether price.

Some of the largest crypto projects were developed on the Ethereum blockchain. They are based on several ETH requests for comment (ERC) standards, the most common of which is ERC-20.

If you want to diversify your crypto assets beyond bitcoin, these seven Ethereum-based crypto projects are worth exploring. So, we’ve compiled a list of the top seven ETH tokens.

1. Tether ($USD)

Tether is one of the earliest and most important stablecoins, developed on the Ethereum network. The $70 billion project pegs its price to the fiat USD and is backed by a combination of cash, cash equivalents, and other asset reserves.

Tether is often regarded as an excellent strategy to hedge against the volatile crypto market while preserving exposure to the asset class. However, some are concerned that Tether may not be able to sustain a full liquidation due to lower reserves than expected.

2. Shiba Inu ($SHIB)

Launched as a meme cryptocurrency, Shiba Inu operates on the Ethereum blockchain. It operates on the Ethereum blockchain and is widely seen as an alternative to Dogecoin.

The memecoin isn’t the most stable cryptocurrency, but it managed to skyrocket 65 million percent in its first year, and the development team is working on many ideas to monetize the project.

Shiba Inu is viewed as a pump-and-dump scheme by many traditional investors. It’s hard to disagree with that, considering the majority of its gains are arguably driven by FOMO.

Also Read: Shiba Inu Coin Price Prediction 2022 : Will SHIB be the next Luna?

3. Crypto.com ($CRO)

Cronos (CRO) is the native token of the all-in-one cryptocurrency platform Crypto.com. Crypto.com is a payment, trading, and financial services company dedicated to making cryptocurrency more accessible to the general public.

It also features its own cryptocurrency wallet, an NFT marketplace, and one of the first cryptocurrency credit cards. The company’s proprietary coin, CRO, offers a premium experience with lower trading fees, better staking, and credit card incentives.

While this is an excellent cryptocurrency to own, be mindful of the risks associated with storing funds in an exchange wallet. Having your own private keys provides you custody of your assets, similar to a bank account. It may be faster to trade and spend on crypto.com, but storing your assets in a cold wallet is more safe.

4. The Sandbox ($SAND)

The Sandbox is a virtual metaverse in which gamers can build, own, and sell their gaming experiences using the platform’s utility token &SAND.

It is a blockchain-based game that was first launched in 2015 . Sandbox includes games such as Minecraft that provide players nonlinear tasks.

It has soared in popularity, attracting $93 million in seed capital from Softbank and others. Furthermore, major brands such as Adidas and Snoop Dogg invested a lot of money in it. There’s even a $650,000 megayacht cruising the Sandbox’s waters.

Although it has outperformed competitor metaverse, Decentraland ($MANA), it is uncertain which virtual world will attract the most visitors.

5. Chainlink ($LINK)

This is a cryptocurrency and technology platform that allows non-blockchain firms to connect to blockchain platforms in a safe manner. Chainlink is a middleware platform that connects blockchain-based smart contracts to other data sources.

It was founded in 2017 to act as a link between blockchain and traditional data. Chainlink’s native LINK token is an ERC677 token that is backward compatible with ERC20. As blockchain and non-blockchain combine, this makes it a potentially crucial part of the progression to Web3.

Importing real-world data, such as weather, sports scores, election results, etc. could be important to resolve certain smart contracts. Staking LINK creates a node to participate in the network and collect incentives.

Also Read: Binance Unveils Oracle Network, Will It Compete With Chainlink?

6. Enjin Coin ($ENJ)

Enjin is a blockchain infrastructure for decentralised gaming based in Singapore. Due to its capacity to create NFTs inexpensively and effectively, it is swiftly becoming the next big thing in blockchain development. It functions as an Ethereum sidechain.

Minted assets can be customised and documented on the Enjin platform, where they are assigned an ENJ value. It provides a number of software development kits (SDKs) for creating, trading, and deleting NFTs.

Through its application programming interface (API), it also offers decentralised finance and gamification of its on-platform digital assets.

Also Read: Uniswap (UNI), Crosnos (CRO), And Flasko (FLSK) Are The Best Cryptocurrency Investment For 2022

7. Uniswap ($UNI)

Uniswap is a decentralised exchange and protocol that allows peer-to-peer trading of ERC-20 tokens.. It is open source and operates on two types of smart contracts: exchange and factory. Factory contracts introduce new tokens to the network, whereas exchange contracts allow token swaps.

Instead of relying on a centralised exchange to support trades, the community uses a liquidity pool. Users stake their balances to offer liquidity for trades that would not be feasible otherwise.

It is compatible with MetaMask, Coinbase, and WalletConnect. While it is beneficial, it is operating in an increasingly competitive niche with competitors such as SushiSwap and others. As a result, it will need to rely on high transaction volume to maintain its current growth rate.

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Companies Accepting Ethereum for Payments: Many have questioned whether Ethereum (ETH) could soon replace Bitcoin as the most popular cryptocurrency on the market given Ethereum’s rise in recent years. Given the rise of general decentralised applications (dApps), non-fungible tokens (NFTs), decentralised finance (DeFi) apps, and numerous other protocols that successfully use Ethereum in innovative ways, it’s hard to brush aside ETH’s merits.

Regardless of whether Ethereum takes over as the default method of payment in the future, businesses are moving ahead and making it a part of crypto payment gateways . Let’s look at some of the top companies that are accepting Ethereum as payment for their products and services.

Who Accepts Ethereum as Payment? Here’s the List of 10 Major Companies

1. OverStock

One of the first well-known companies to use Ethereum’s token as payment is OverStock. The retail service provider accepts Ethereum payments from customers. In the beginning, while Bitcoin dominated the market, Ethereum struggled to persuade companies of its brilliance. Ether’s widespread acceptance has been made possible by OverStock’s adoption of the cryptocurrency.

2. Chipotle

One of the most well-known Mexican fast-food restaurants, Chipotle, announced that more than 2,000 of its outlets in the US will accept cryptocurrency payments. Chipotle will soon accept a total of 98 cryptocurrencies, including Bitcoin and stablecoins backed by US dollars, in addition to Ethereum. Currently, Chipotle is one of several chains and eateries that accept cryptocurrency payments.

3. Newegg

Newegg is an American online retailer that sells electronics and computer hardware. The reputation of Newegg as a market innovator for cryptocurrencies is well-established. It was one of the first companies to accept Dogecoin, followed by Litecoin.  The business also accepts Ethereum, providing consumers with a choice between a number of cryptocurrencies for payment.

Also Read: Here’s Why Polygon Price Rally Is Set For Another 8% Jump

4. Balenciaga

Balenciaga became the second luxury brand inside the Kering Group to accept cryptocurrency payments in May 2022. The French fashion house’s website and their flagship stores in New York and Beverly Hills will all accept cryptocurrency payments. Customers can make cryptocurrency payments in Bitcoin and Ethereum, with numerous other options coming soon.

5. Emirates

One of the best airlines in the world, Emirates, revealed that it will soon start taking cryptocurrency payments. A senior Emirates official announced that the firm is actively hiring staff to help them accept ETH as payment.

6. Tag Heuer

Another well-known company that recently joined the list of businesses that accept Ethereum payments is Tag Heuer. The Swiss luxury brand has teamed up with BitPay to make cryptocurrency payments available to its US consumers. For its entire selection of timepieces and accessories, the firm offers a variety of cryptocurrency payment alternatives, including Bitcoin, Dogecoin, and a few other stablecoins.

7. Gucci

High-end Italian fashion giant Gucci, became the first major brand to accept crypto coins as payment. They started accepting payments in Bitcoin, Ethereum, and the Bored Ape Yacht Club-affiliated ApeCoin (APE). They have partnered with BitPay to facilitate this.

Also Read: Ethereum Price 2022, 2023, 2027 : A Supper Cycle For Ethereum Price Ahead Of “The Merge” ?

8. Travala

Travala.com is a blockchain-based travel platform where ETH can be used to book over 3,000,000 travel products, including hotels, homes, flights, and other activities. Users can pay for their travel on this platform using Ethereum, as well as a number of other cryptocurrencies, including Shiba Inu, Avalanche, XRP, Bitcoin Cash, and many more.

9. CheapAir.com

This travel company allows their customers to pay for the flights with digital currencies, including Bitcoin and Ethereum.

10. Headphones.com.

As its name implies, you may buy headphones from this site and choose from a number of payment methods, including ETH and other top cryptocurrencies.

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The war of narrative between Ethereum and Bitcoin is nothing new. However, Dennis Porter, the CEO of Satoshi Act Fund, has a chilling warning for the Ethereum community. Porter believes that this is Ethereum’s last cycle as the second largest cryptocurrency.

Porter is an advocate for the Bitcoin ecosystem and the Proof-of-work consensus mechanism. He is also a vital contributor to Bitcoin policy advocacy. 

Porter claims that Vitalik Buterin had years to prove Ethereum’s usability. However, the Ethereum founder failed to provide any reasonable value for Ethereum. He believes that multiple blockchains can contribute similarly to Ethereum. On the other hand, Bitcoin does not have any competitor as a store of value. 

Bitcoin vs. Ethereum

The long-standing battle between Bitcoin and Ethereum continues to exist. However, after the merge, this battle exacerbated even more. The merge shifted Ethereum’s consensus mechanism from Proof-of-work to Proof-of-stake. Ethereum proponents claim that the PoW’s energy consumption makes it unsustainable. 

Indeed, many activists claim that the Proof-of-work consensus mechanism should be banned on account of its energy consumption. 

On the other hand, the Bitcoin community claims that the Proof-of-stake has potential issues with centralization. Indeed, after the merge, Lido and Coinbase, the two biggest validators, performed a majority of block validation. Moreover, Bitcoin maximalists claim that Ethereum has a negative reward structure which will create issues in the long term. 

Jack Dorsey, the founder and ex-CEO of Twitter, warned the Bitcoin community to prepare for a narrative war with Ethereum. Similarly, Solidity developer and Ethereum influencer, @shegen, claims that Ethereum is secured by $20 billion while Bitcoin is secured by $700k. She was referring to the cost of a network attack on the cryptocurrency. 

Will Bitcoin Continue Its Dominance

Experts feared that Bitcoin will lose its dominance over the market after the Ethereum merge. However, so far, Bitcoin continues to hold strong against its many competitors. Bitcoin currently holds 38.8% of the globally crypto market cap.

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Ethereum continues its slump after the merge. ETH has dropped over 25% in the last 7 days. In the last 24 hours, ETH is down by over 10% and has fallen below the $1.3K mark. Ethereum is not the only cryptocurrency facing the brunt of the slowdown. Bitcoin prices have fallen below $19K after falling by more than 6% in the last 24 hours. However, according to an expert, the price drop of Ethereum is a FUD.

Nevertheless, the ETH/BTC ratio has fallen close to 15% in the days after the merge. This is despite the fact that Bitcoin’s dominance was at its lowest in a long time.

How Ethereum Drop Is FUD

According to major crypto and Ethereum influencer, @VivekVentures,  the price action of Ethereum is “short-term noise”.  He believes that Bitcoin maximalists are currently spreading FUD around Ethereum and the merge. Vivek reveals that Ethereum’s issuance is down by 95% since moving to the merge. This means that Ethereum needs to issue 95% fewer tokens without any drop-off in the security.

In the 3 days after the merge, Ethereum issued less than 3000 tokens. Under the Proof-of-work mode, it would have issued over 40,000 tokens.

Vivek also explains the difference in selling pressure due to the shift of consensus mechanism from the merge. The current Proof-of-stake model has significantly less selling pressure than the former proof-of-work model.  Ethereum validators cannot sell their block rewards for a 6 to 12 months period. As a result, the selling pressure on Ethereum right now is close to zero.

On the other hand, assuming that the price of ETH remains constant at $1400, the total selling pressure during the PoW era would be $7 billion. Vivek also reveals that the gas fees of Ethereum are currently greater than 15 gwei. As a result, there is buying pressure on Ethereum due to the deflationary impact of the merge.

Bitcoin Vs. Ethereum Narrative War

Since the merge, the Bitcoin and Ethereum communities have engaged in a narrative war. Jack Dorsey, the founder of Twitter, revealed that the Bitcoin community needs to prepare for a narrative war. Bitcoin currently uses the Proof-of-work mode, which is criticized for its high energy usage.

On the other hand, Ethereum’s Proof-of-stake has potential centralization issues.

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Twitter founder Jack Dorsey has picked a side in Bitcoin vs Ethereum debate. Dorsey, a known Bitcoin supporter, is calling the Ethereum Merge into question. Taking to Twitter, Dorsey posted a popular post by another popular Bitcoin maximalist Scott Sullivan. In the very first line, Sullivan addresses Ethereum as a shitcoin and asks Bitcoiners to prepare for war.

Sullivan believes that after the Ethereum Merge, there will be a narrative war between Bitcoin and Ethereum. Sullivan believes that Bitcoiners should be prepared to punch back in case of such a war.

The merge upgrade is scheduled for a little over 6 hours. While Sullivan’s post is a month old, Dorsey’s timing definitely raises eyebrows.

Jack Dorsey’s Issue With Ethereum Merge

The Ethereum Merge will shift Ethereum’s consensus mechanism from Proof-of-work to Proof-of-stake. Proof-of-work, which is the consensus mechanism used by Bitcoin, is considered to be extremely energy intensive. A recent report from the White House went so far as to consider banning Bitcoin mining altogether.

The Proof-of-stake model reduces the energy consumption of PoW by 99%. However, Dorsey and Sullivan have major issues with this model. Sullivan believes that PoS is based on the principle of negative incentives. PoS slashes the staked funds from validators in case of dishonest behavior.

He also has issues with PoS being a permissioned, no-rule system that relies on subjective truth. He also believes that in PoS, money is power and the threat of centralization is a real issue.  Sullivan and Dorsey point out the issue of OFAC censorship of Tornado Cash as one such example.

On the other hand, they believe that the PoW system is the answer that solves the issues of PoS. Dorsey has clashed with several influential figures as he believes that Proof of work is the only correct system.

Ethereum Vs Bitcoin After The Merge

Bitcoin’s dominance is at its lowest in a really long time. Ethereum supporters believe that ETH has the potential to flip Bitcoin post-merge. Dorsey’s comments indicate that there will very likely be a major power grab between two of the largest cryptocurrencies.

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Over the last 45 days since July 2022 beginning, Bitcoin and the broader cryptocurrency market have given a strong run-up. As of now, Bitcoin is currently facing resistance at $24,000. Jurrien Timmer, Director of Global Macro at Fidelity believes that Bitcoin is currently “cheap” as per the BTC adoption curve thesis.

Timmer explains that Bitcoin’s price-to-network ratio is currently back at 2014 levels. On the other hand, its network has continued to grow in accordance with the price regression curve.

The Fidelity director further explains: “For me, the main nuance is the slope of the adoption curve. Whether we use the mobile-phone curve or internet curve as proxies, Bitcoin’s price is below its actual and projected network-growth curve. That curve provides a fundamental anchor for Bitcoin’s price”.

Bitcoin and Gold Comparison

The Fidelity chief explains that if Bitcoin were to be compared with Gold, it will be important to see the Bitcoin/Gold ratio. He further adds that the recent sell-off has produced the most oversold conditions in recent years. “Technically, the recent sell-off produced the biggest oversold condition in years (measured as the number of standard deviations from trend),” he said.

One interesting fact that Timmer points out is that the percentage of Bitcoin HODLers is growing considerably. On a 10-year chart, the percentage of Bitcoin HODLers has moved above 13%.

Bitcoin vs Ethereum

Drawing a straight-up comparison between the Bitcoin and Ethereum networks, Timmer points out that the latter has grown at a much faster rate. He also notes that ETH hasn’t got rewarded enough for having a higher price-to-network ratio.

However, Timmer explains that the reason behind ETH not getting enough rewarded is that the Ethereum blockchain is less decentralized as compared to that of Bitcoin’s. He further adds:

“Perhaps some of that will change as ETH goes into its merge. The price analog of Ethereum vs. Bitcoin four years earlier continues to suggest that the crypto winter has come to an end.”

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