Ethereum
Ethereum (ETH) Will Now Get More Attention Than Bitcoin, Here’s the Reason
Read U.TODAY on
Google News
Market sentiment is changing at a very rapid pace, with Bitcoin (BTC) and Ethereum (ETH) dominating social trends. According to According to market analyst Michael van de Poppe, with Bitcoin’s continued decline in dominance, Ethereum could take over these social conversations in the future.
Change in investor focus
As van de Poppe spotted, Bitcoin’s dominance has plateaued at 58%, setting the tone for Ethereum to step into the spotlight. Van de Poppe noted that the Ethereum spot ETF product will shape the futures narrative, as investors look for the next things that can spark optimism.
Bitcoin hasn’t helped the market much lately as its price has continued to fall, leading to bearish sentiment for other altcoins. At the time of writing, Bitcoin price recorded a slight rise of 0.24% to $61,324.10 after falling to $60,660 during the early morning trading session.
The majority of altcoins in particular decoupled of Bitcoin, with Solana (SOL) outperforming the market, with prices up 9.11% to $138.59. While Bitcoin failed to intensify as needed, the decoupling extended to Chainlink (LINK) and Toncoin (TON), among others, which are now all up 5.69% and 5.4 % at $14 and $7.612, respectively.
Spotlight on Ethereum
So far this month, Bitcoin ETF spot market trends, marked by a sustained outflow, have spoiled any chance of a near-term recovery. The majority of the upside seen by the market so far has come from Ethereum as the US SEC ended its securities investigation in the asset.
As things stand, the ecosystem is now waiting for the announcement of the potential approval of S-1 registrations this will eventually usher in ETF trading. Although experts have predicted that the volume of the product may be lower, it is still considered the main catalyst that could break the current bull and bear market uncertainty.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.