Sentiment: Positive
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Ethereum Stretches Gains Versus Bitcoin, Adds 10% Ahead Of Shanghai
By Dalmas Ngetich at 2024-11-28 10:52
Sentiment: Positive
Trading at around $1,900, Ethereum is one of the top-performing cryptocurrencies, only trailing Dogecoin, CoinMarketCap data on April 6 shows. Ethereum Outperforming Bitcoin When writing, Ethereum is also relatively firm against Bitcoin. While liquid and remains the most valuable digital asset, BTC has been consolidating below $29,000. Ethereum is up roughly 1% against BTC in the last trading day. However, from the candlestick arrangement in the daily chart, the coin is up approximately 10% versus Bitcoin from March 2023 lows. Related Reading: Ethereum Hits Multi-Month High, But $2,000 Price Point Remains Crucial Looking at the ETHBTC formation, it is evident that ETH buyers are in the driving seat. However, Bitcoin was firmer in the first three months of 2023, adding about 20% against ETH. By the time Q1 2023 ended, Bitcoin had managed to reverse the losses it had posted against ETH in the second half of 2022. From September 2022 to March 2023, BTC gained 30% against ETH, forcing prices back to important reaction points defined in the second half of 2022. Bitcoin Is King But Trails ETH Ahead Of Shanghai There were several factors behind this Ethereum upswing, outpacing Bitcoin. Although Bitcoin and Ethereum are two of the most liquid cryptocurrencies, BTC’s first-mover advantage and regulatory clarity make an option for some institutions. From a regulatory standpoint, Bitcoin also has support from United States Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Both agencies have clarified that Bitcoin is a commodity. Also, institutions are accumulating BTC. MicroStrategy, whose shares are listed on NASDAQ, is one of the largest BTC holders and continues to accumulate, recently purchasing more coins. MicroStrategy has acquired an additional 1,045 #bitcoin for ~ $29.3M at an average price of $28,016 per bitcoin. As of 4/4/2023 @MicroStrategy holds 140,000 bitcoin acquired for ~$4.17 billion at an average price of $29,803 per bitcoin. $MSTR https://t.co/IBufTxalnv — Michael Saylor⚡️ (@saylor) April 5, 2023 Meanwhile, Ethereum’s liquidity position makes ETH an option for investors. Even so, considering its position in the market cap leaderboard and continuous upgrades, ETH can draw traders’ and investors’ attention. For this reason, investors are closely monitoring events ahead of the Ethereum Shanghai upgrade in mid-April. It is a crucial network update that will see the platform fully transition as a proof-of-stake blockchain, with stakers freely able to withdraw their coins. Until this upgrade happens, ETH stakers cannot move their coins from the Beacon Chain. When writing on April 6, there was 18,077,351 ETH worth over $34 billion locked. Related Reading: Will Ethereum’s (ETH) Shapella Upgrade Trigger A Sell-Off Or Bull Run? Traders are optimistic that this update could support prices, possibly explaining the sharp gains of the past few trading days. Besides the ETH rally, the total value locked (TVL) in liquid staking platforms, such as Lido Finance and Rocket Pool, has been rising for the better part of Q1 2023. Feature Image From Canva, Chart From TradingView Continue reading...
Categories: Ethereum
Tags: #Ethereum #bitcoin #Dogecoin #ethereum #Shanghai Upgrade
Source NewsBTC