Key Points
- Bitcoin outperforms Ethereum in price gains and ETF inflows, highlighting BTC’s market dominance.
- Despite the bullish sentiment in the cryptocurrency market, Ethereum’s performance falls short of expectations.
The cryptocurrency market is currently witnessing a significant upswing, reflecting a bullish sentiment across most tokens.
As per CoinMarketCap, the global crypto market capitalization has risen to $2.44 trillion, a 1.61% increase over the past day.
Bitcoin vs. Ethereum
While most cryptocurrencies are experiencing positive momentum, there are exceptions like Solana [SOL] and Binance [BNB] that are witnessing slight setbacks.
Amidst these market movements, a peculiar trend has emerged between Bitcoin [BTC] and Ethereum [ETH].
Both leading assets have recorded gains over the past 24 hours, with Bitcoin gaining by 1.90% and ETH rising by 2.59%.
Bitcoin has successfully surpassed the $70,000 threshold, trading at $72,459.92, and is on track to reach a new all-time high.
On the other hand, Ethereum, expected to approach the $4,000 mark, is currently priced at $2,686.67, falling short of expectations.
Analysts’ Opinions
This divergence in performance is raising questions about market sentiment and the future of these two dominant cryptocurrencies.
Bitcoin’s dominance is underscored, while ETH appears to be struggling to maintain momentum.
Some analysts and traders have criticized Ethereum’s recent price action, dubbing Solana the “new Ethereum,” despite SOL experiencing a 1.79% decline in the past 24 hours.
However, not all agree with this viewpoint.
Benjamin Cowen, CEO and founder of ITC crypto, defended ETH, stating, “ETH is not dying.”
Similarly, an account named – Crypto General expressed confidence in Ethereum, stating it is ready to head past the $2800 resistance zone and start a parabolic move towards $4000.
The ETF market also shows Bitcoin’s dominance over Ethereum, with BTC ETFs drawing a substantial $870.1 million compared to ETH ETF’s $7.6 million.
As the market evolves, all eyes will be on Ethereum to see if it can change this dynamic in the coming days.