Bitcoin And altcoins The largest altcoin as it continues its rise Ethereum It surpassed BTC.
At this point, while Ethereum and altcoins are on the rise along with Bitcoin, ETH appreciated by 8.4% with a 16% increase on a weekly basis BTCHe left behind.
Evaluating this rise of Ethereum Greg Magadini, head of derivatives at Amberdata, told Coindesk that Ethereum has eclipsed Bitcoin in the last seven days.
Stating that the upward trend of ETH last week may continue, Magadini argued that the fundamentals of ETH look more positive than Bitcoin.
The analyst stated that BTC halving is currently on the market’s agenda, but the decrease in ETH’s supply is more important than the halving. He stated that Ethereum will perform better than Bitcoin:
“Everyone is talking about the Bitcoin halving in April, but this is nothing compared to the active ‘DECREASE’ in ETH supply that has been occurring since September 2022.
The name of the next game here is ETH!
Considering the low ETH/BTC ratio and the decreasing supply of ETH, ETH’s chart is even better than BTC.
“When you add STAKED ETHs to this decrease in supply in ETH and a spot ETH ETF that will enable the active transfer of ETHs in circulation to cold wallets, the story of ETH becomes as bullish as possible, and bullish for ETH.”
As it is known, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy and Hashdex put a spotlight on the SEC. etheruem He applied for an ETF.
At this point, analysts and the market expect the SEC to make a spot announcement in May or at the end of this year at the latest. ETH He’s waiting for his ETF to be given the green light.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!