As a researcher with extensive experience in the cryptocurrency market, I’ve been closely monitoring the ongoing trend between Bitcoin (BTC) and Ethereum (ETH). Based on recent findings from Glassnode, it’s clear that these two leading digital assets have experienced a significant divergence in their performance during this cycle.
In the current market trend, Bitcoin (BTC) and Ethereum (ETH) have been displaying increasing differences in their price movements.
Based on Glassnode’s analysis, there is a prevailing pattern of less frequent shifting of funds among investors, which is noticeably weaker than during past cycles and significant price peak surpassals.
Ethereum Receives Weak Capital Flows
In my analysis as an on-chain analyst, leading up to bitcoin’s peak on March 14, I noticed a significant increase in speculative activity based on Glassnode’s latest weekly report. Short-term holders of BTC were observed accumulating capital, with around $240 billion in wealth held in coins moved within the last six months. This amount is approaching peak levels.
I’ve analyzed the market trends and noticed that Bitcoin has significantly outperformed Ethereum in terms of price growth since the beginning of the year. Unlike Bitcoin, which has nearly reached the same Realized Cap level as during the last bull run in 2017, Ethereum’s Realized Cap remains far from its peak. As a result, there has been considerably less new capital influx into Ethereum compared to Bitcoin, making its performance noticeably lackluster in the short term.
The scarcity of fresh investments into Ethereum is partially explained by its poorer performance relative to Bitcoin. This situation might be influenced, in part, by the increased focus and ease of access brought about by approved Bitcoin spot Exchange-Traded Funds (ETFs).
The SEC’s verdict on approving a collection of Ethereum ETFs is yet to be announced, with many in the market believing this will transpire before May comes to an end.
As a result, “seasoned” Ether investors are “sitting back and waiting patiently for higher prices.”
As a researcher studying the intricacies of cryptocurrency markets, I’ve delved into analyzing the distribution of capital flows and the interaction between Bitcoin (BTC) and Ethereum (ETH). The findings reveal that a significant majority of inflows have gravitated towards Bitcoin. This trend can be attributed in part to the US spot Exchange-Traded Funds (ETFs), which have shown a clear preference for Bitcoin. Furthermore, short-term holders and speculative activities have predominantly centered around Bitcoin, yielding only a weak ripple effect on Ethereum up until now.
Ethereum Price Performance So Far
Despite Ether (ETH) lagging behind Bitcoin (BTC) in terms of performance due to missing significant catalysts, Glassnode’s assessment indicates a robust and enduring uptrend for ETH. Corrections within this trend have been relatively mild so far when compared to historical market corrections.
As a researcher studying the market trends of altcoins, I’ve observed that it has encountered significant resistance in trying to surpass the $3,000 mark. Previously, it had reached a notable high of nearly $4,000 earlier this year, but unfortunately, it couldn’t sustain its growth and is now around $1,000 less than that peak value.
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2024-05-08 17:30