According to recently reported data, institutional investors are betting on this altcoin project instead of Bitcoin (BTC)! Here are the details…
Institutional investors chose this altcoin project!
Although Bitcoin is the leading crypto by market cap, many crypto advocates cite the possibility that other altcoins could potentially outperform Bitcoin. In terms of prices, Bitcoin is significantly higher in value than all cryptos, but when other metrics are taken into account, Bitcoin has repeatedly lagged. This time, as the market begins to recoup its losses, key players are focusing their gaze on Ethereum, the second most valuable asset after Bitcoin. Institutional players, especially those with a huge influence on the crypto market, seem to be placing big bets on Ethereum (ETH).
In a recent interview, institutional crypto investors made it clear where they stand with the altcoin. Annabelle Huang, who currently serves as the managing partner of crypto lender Amber Group, reveals where the market is headed with Ethereum. According to the managing partner, the demand for Ethereum has increased significantly after the staking option was recently reactivated. Speaking to leading media outlet Bloomberg, Annabelle Huang said:
We’re seeing more institutional demand when it comes to Ethereum because they can now stake, unstake, and get more instant liquidity.
Ethereum (ETH) can still be affected by several factors!
However, it is worth noting that the road ahead may not be entirely smooth for Ethereum (ETH). “Personally, I don’t think we’re out of the woods yet,” Huang said, signaling that many other factors could still affect Ethereum’s Performance in the long run. On the other hand, it seems that Ethereum has not yet met the expectations of other market players. According to Crypto fund manager Digital Asset Capital Management, despite allowing stakers access to their rewards and initial capital, the market has not had a major impact. The Crypto Fund Manager went on to explain that he would pay attention to sales and withdrawal data, adding:
We will be closely monitoring both withdrawal and sales data on the chain to see if there is selling pressure for ETH.
All the market claims came at the same time that Ethereum (ETH) crossed the $2,000 price level. This comes after the asset has risen more than 10 percent in the past 24 hours. Over the past 7 days, Ethereum (ETH) has managed to gain over 14 percent despite many of its counterparts struggling to leave the red zone.
Ethereum’s impressive price performance shows that the asset is trying to displace Bitcoin, its closest competitor. In the last 7 days, Bitcoin has gained only 10 percent. Even more remarkable is that Bitcoin has soared by 80 percent since the beginning of 2023. cryptocoin.com As we have reported, ETH is instantly traded at $2,081. When we look at the market value of Ethereum, we can instantly see the level of 248 billion dollars.
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