The post Bitcoin continues to outperform Ethereum – Is an ETF enough of a catalyst? appeared on BitcoinEthereumNews.com.

Bitcoin, Bitcoin, Bitcoin. But what about Ethereum? No one can deny that 2024 has been extremely bullish for the overall market, especially after the long, painful crypto winter we had in 2022 and 2023, courtesy of Samuel Bankman-Fried and Hyung Do Kwon. Then came 2024, the year that started with a bang. Right off the bat, America’s SEC triggered a bull run by approving Bitcoin’s spot ETF. Bitcoin went completely ballistic after that, breaking all-time highs like they’re nothing. And even though it has been in consolidation for the past many weeks, it is still standing strong, thanks to the insane rate of institutional adoption from banks, asset managers, countries, and governments all over the world. Ethereum’s all-time high was $4,878. At press time, it was worth $3,065. That’s over 37% decrease from the ATH. What’s holding Ether back? For some reason, the bullish bug seems to elude Ethereum completely. Ethereum’s price has a 0.93 correlation with Bitcoin, so their market sentiments and movements are heavily interconnected. Source: IntoTheBlock So you can see how one can expect Ether to break its 2021 all-time high since Bitcoin made a whole new one earlier. On-chain signals are mostly bullish too, but Ether remains unmoved. Curiously enough, however, it hasn’t corrected/consolidated nearly as much as Bitcoin. Ethereum has managed to maintain the modest gains it has gotten. Source: IntoTheBlock On-chain data shows that 75% of holders are currently in profit, 6% are breaking even, and only 19% are at a loss. This motivates traders and investors to remain bullish on ETH. Exchange inflows have fallen a little short of the outflows, per weekly data. Analysts believe this to be a bullish signal because it means people are accumulating and moving their holdings to private wallets for long-term holding. Ethereum bulls have been consistently on…

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Filed under: News - @ July 9, 2024 11:12 pm