- Bitcoin outperformed Ethereum in price gains and ETF inflows, underscoring BTC’s market dominance.
- The market keenly monitored Ethereum’s potential comeback amid Bitcoin’s rally and traders’ divided sentiment.
The cryptocurrency market is currently experiencing a significant upswing, reflecting a bullish sentiment across most tokens.
According to CoinMarketCap, the global crypto market capitalization rose to $2.44 trillion, a 1.61% increase over the past day. Most cryptocurrencies are seeing positive momentum, with bullish activity outpacing bearish trends.
However, a few exceptions like Solana [SOL] and Binance [BNB] were experiencing slight setbacks.
Bitcoin vs. Ethereum
Amidst these market developments, a peculiar trend has emerged between Bitcoin [BTC] and Ethereum [ETH]. This has piqued the interest of traders and analysts alike.
While both leading assets have recorded impressive gains over the past 24 hours, Bitcoin gained by 1.90% and ETH rose 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 reminiscent of its performance in March.
In contrast, Ethereum, which was anticipated to approach the $4,000 mark, is falling short of expectations, currently priced at $2,686.67 according to CoinMarketCap.
This divergence in performance raises questions about market sentiment and the future of these two dominant cryptocurrencies.
Analysts weigh in
Remarking on this dichotomy, Molly took to X (formerly Twitter) and noted,
Source: Molly/X
This stark contrast in performance underscores Bitcoin’s dominance, while ETH appears to be struggling to maintain momentum.
As a result, many analysts and traders have criticized Ethereum’s recent price action, with some even dubbing Solana the “new Ethereum,” despite SOL experiencing a 1.79% decline in the past 24 hours.
However, this viewpoint is not universally accepted, as some defended ETH.
For instance, Benjamin Cowen CEO and founder of ITC crypto too to X and said,
“ETH is not dying.”
Source: Benjamin Cowen/X
Echoing similar sentiment was an account named – Crypto General which added,
“$ETH is moving according to plan but is underperforming BTC from the past few weeks. With the momentum gained, it is looking ready to head past the $2800 resistance zone and start a parabolic move towards my target of $4000.”
It even pushed its confidence in Ethereum by stating,
“It’s time for ETH to outperform BTC.”
ETF market to show divergence
Meanwhile, looking at recent ETF inflows, Bitcoin’s dominance over Ethereum becomes even clearer, with BTC ETFs drawing a substantial $870.1 million compared to ETH ETF’s $7.6 million.
Thus, as the market develops, all eyes will be on Ethereum to see if it can shift this dynamic in the days ahead.