Analyst Claims Ethereum ‘Is Not Dying,’ Bitcoin Surge No Threat To Ether

Share This Post

This week has witnessed remarkable growth in the global cryptocurrency market, spearheaded by Bitcoin. Today, the total market capitalization of the cryptocurrency market stands at $2.44 trillion, an increase of 1.61% from the previous day. Most of the digital assets are in the green zone meaning that their prices are rising and the outlook of the market is generally positive.

In this latest market frenzy, one storyline is attracting attention and some analysis: while Bitcoin is outperforming the rest and retesting $73,000, Ethereum is struggling to hit its target of $4,000. The diverging performances between the two top digital assets now serve as an interesting sub-plot to an exciting week ahead for the general cryptocurrency industry.

Ethereum And Bitcoin- A Contrasting Story Of Market Run

As the top two cryptocurrencies by market cap, it’s natural for analysts and observers to take a second look at Ethereum and Bitcoin. While both digital assets have notched some gains, with Bitcoin rising by 1.90% and ETH by 2.59%, they still paint contradicting storylines.

As the top crypto, Bitcoin has led the recent market rally, surpassing the psychological $70,000 level and hitting $72,459.92. Last Tuesday, BTC tested the $73k level again, and analysts expect it will record another all-time high soon.

In contrast, Ethereum’s run has been sluggish, falling short of expectations. While ETH joined other coins in a mini-rally this week, its current price of $2,687 is still far from the analysts’ target of $4,000.

ETH’s Recent Run- What Analysts Are Saying

The contrasting price runs and milestones for both top cryptos have attracted some attention. For most analysts, Bitcoin’s recent price performance validates its standing as the current top digital asset. Ethereum’s struggles to hit the elusive $4k have been criticized by some traders and analysts, with many stating that Solana is now “the next Ethereum.”

However, a few analysts still defend Ethereum and expect the blockchain to rebound soon. Benjamin Cowen, the founder and CEO of ITC, took to Twitter/X to say that the Ethereum blockchain “is not dying.” In the same post, he shared that he expects ETH/BTC to bottom this quarter and will make a run next year.

ETFs Also Show A Similar Storyline

In addition to market prices, the spot ETFs market reflects Bitcoin’s overall strength and Ethereum’s recent struggles. According to recent data, Bitcoin ETFs attracted $870.1 million, compared to Ethereum’s spot ETFs’ $7.6 million.

While many are excited about Bitcoin’s next price move, some are paying attention to ETH. Ethereum is now on the analysts’ radar, and they are checking whether ETH can benefit from the same market factors pushing Bitcoin higher.

Featured image from Pexels, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto Market Remains Greedy Despite Bitcoin Price Crash To $94,000, Is A Recovery Coming?

You could argue that the cryptocurrency market maintains its confidence despite the Bitcoin price experiencing a significant drop to $94,000 Although price action says otherwise, this confidence is

Dogecoin Price Reaches An RSI Of 59 After Dropping To $0.31, Here’s What Happened The Last Time

The Dogecoin price has continued its decline over the past two weeks into the last 24 hours Particularly, Dogecoin has yet to start a notable momentum above the $030 threshold, although it has

Dogecoin (DOGE) Price Prediction for December 29

The post Dogecoin (DOGE) Price Prediction for December 29 appeared first on Coinpedia Fintech News Dogecoin (DOGE), the largest and most popular meme coin by market cap, is showing signs of reversing

Cryptoquant CEO: US Strategic Bitcoin Reserve Adoption Unlikely Amid Economic Strength

Since Donald Trump was elected the 47th President of the United States, bitcoin advocates have faced skepticism about whether his administration and the forthcoming Congress would introduce a

Trump May Backtrack on Pro-Bitcoin Policies: Ki Young Ju

The post Trump May Backtrack on Pro-Bitcoin Policies: Ki Young Ju appeared first on Coinpedia Fintech News Recently, CryptoQuant CEO and founder Ki Young Ju has noted that President-elect Donald

El Salvador Now Holds Over 6,000 BTC, Worth $569M

The post El Salvador Now Holds Over 6,000 BTC, Worth $569M appeared first on Coinpedia Fintech News In a latest development, El Salvador has become the sixth country to currently hold more than 6,000