In a notable market analysis, economist Alex Krüger suggests a significant shift in investor interest from Bitcoin to Ethereum. According to Krüger Bitcoin’s growth potential has reached a limit, leading Ethereum to take the lead.
Krüger observes that the ETH/BTC trading pair has rebounded from the crucial level of 0.0479, indicating a potential market bottom. As of the latest data, Bitcoin is trading at $45,783, a slight increase over the past 24 hours. Ethereum could rally significantly as a result of the approval of a spot market Ethereum ETF, he anticipates.
Several factors contribute to the perceived bottom for the ETH/BTC pair, including a narrative shift from Bitcoin ETF to Ethereum ETF, upcoming events such as the EigenLayer airdrop, a chart signaling a 50% correction with a fakeout of the 2022 lows, as well as an overarching sentiment of extreme pessimism.
A pivotal player in the January market landscape is Ethereum’s Dencun upgrade, featuring Ethereum Improvement Proposals (EIPs) like EIP-4844. In line with Krüger’s insights, the Ethereum market is poised for a 50% surge, enhancing its position in the crypto space by introducing “data blobs” to reduce Layer 2 transaction fees.
A strategy that has proven successful amid recent market fluctuations is longing for Bitcoin in anticipation of the spot market approval of Bitcoin ETFs. The impact of a potential sell-the-news event following a spot Bitcoin ETF approval seems to have diminished despite a recent dip in the crypto market.
While acknowledging reduced odds of a sell-the-news event, Krüger highlights that Bitcoin futures open interest remains high on the Chicago Mercantile Exchange (CME), suggesting persistent concerns about price volatility. Following the substantial leveraged sell-off earlier this week, the likelihood of such an event has lowered.
Circle Internet Group Inc. (NYSE: CRCL), a top-tier stablecoin issuer, has applied for a national…
Kaanch (KNCH) is anticipated to create a great impression in the market through its future…
Arbitrum (ARB) price was the best performing top-100 altcoins by market cap in the past…
Years ago, when John E Deaton, a well-known crypto advocate and legal voice in the…
As the Ethereum price approaches Q3, it has shown a notable 3% increase, surpassing the…
Story Highlights The SEI live Price is . Sei price could reach a high of…
