Ethereum Poised to Overtake Bitcoin in the Near Future
Ethereum is emerging as a stronger performer than Bitcoin in the medium term, according to the latest market update report from QCP Capital. This shift in market dynamics is attributed to the anticipation of potential approvals for Ethereum spot ETFs.
In recent news, the US Securities and Exchange Commission (SEC) approved several spot Bitcoin ETFs, resulting in a more than 5% increase in the value of Ether. In contrast, Bitcoin experienced a decline of over 6% during the same period.
QCP Capital analysts predict that Ethereum’s upward trajectory will likely continue, especially as the focus shifts towards the possibility of ETH spot ETF approvals. The report also highlights a significant increase in the ETH/BTC exchange rate, rising from 0.05 to 0.06 within a week.
Upcoming events in the crypto space, such as Bitcoin’s halving in mid-April and potential spot Ethereum ETF approvals starting in May, are expected to have an impact on market trends.
The potential for a spot Ether ETF gained further momentum after comments from BlackRock CEO Larry Fink, who recognized the value of such a product in the United States. BlackRock, the world’s largest asset manager, previously filed with the SEC for a spot Ethereum ETF in November, following its application for a spot Bitcoin ETF in June.
The percentage of Ether’s circulating supply in profit has also increased in the past week, reaching a multi-year high of 91.8%. Meanwhile, Bitcoin has decreased to 86.2%, indicating growing investor confidence in Ethereum compared to Bitcoin.
