Bitcoin outperformed Ethereum in price appreciation and ETF inflows, highlighting BTC’s market dominance. Markets were keenly watching Ethereum’s possible comeback amid Bitcoin’s rally and divided traders.
The cryptocurrency market is currently experiencing a significant rally reflecting bullish sentiment for most tokens.
According to CoinMarketCap, the global cryptocurrency market capitalization increased by 1.61% in the past day to reach $2.44 trillion. Most cryptocurrencies are showing positive momentum, with bullish movements outweighing bearish trends.
However, a few exceptions such as Solana (SOL) and Binance (BNB) experienced slight setbacks.
Bitcoin vs Ethereum
Amid these market trends, a unique trend has emerged between Bitcoin (BTC) and Ethereum (ETH). This has piqued the interest of both traders and analysts.
Both major assets posted impressive gains over the past 24 hours, with Bitcoin up 1.90% and ETH up 2.59%.
Bitcoin has broken through the $70,000 threshold and is trading at $72,459.92, on track to reach an all-time high reminiscent of its March performance.
In contrast, Ethereum, which was expected to approach the $4,000 level, has fallen short of expectations and is currently priced at $2,686.67, according to CoinMarketCap.
This difference in performance raises questions about market sentiment and the future of these two leading cryptocurrencies.
Analysts also listen to opinions
Noting this dichotomy, Molly focused on X (formerly Twitter) and said:
Source: Molly/X
This stark contrast in performance highlights Bitcoin’s dominance, while ETH appears to be struggling to maintain momentum.
As a result, many analysts and traders have criticized Ethereum’s recent price movements, with some calling Solana the “new Ethereum” even though SOL has fallen 1.79% in the past 24 hours.
However, this view is not widely accepted, as there are some defenders of ETH.
For example, Benjamin Cowen, CEO and founder of ITC cryptocurrency, also told X:
“ETH is not dead.”
Source: Benjamin Cowen/X
Echoing similar sentiments, an account named Crypto General added:
“$ETH has been on track to plan, but has been underperforming BTC in recent weeks. Now that it has gained momentum, it has moved past the $2,800 resistance zone and parabolically towards my $4,000 target. It looks like it’s ready to start painting.”
He further boosted his confidence in Ethereum by stating:
“The time has come for ETH to surpass BTC.”
ETF market shows divergence
Meanwhile, Bitcoin’s advantage over Ethereum is even more evident when looking at recent ETF inflows, with the BTC ETF attracting a significant $870.1 million compared to the ETH ETF’s $7.6 million.
Therefore, all eyes will be on whether Ethereum can change this dynamic in the coming days as the market develops.
Next: Ethereum struggles at $2.8,000: Will the bulls push through?
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