Bloomberg: Ethereum Outpaces Bitcoin as Institutions Shift Focus to the Largest Altcoin
According to Bloomberg, Ethereum has recorded higher growth than Bitcoin this year, thanks to speculations regarding a possible spot Ethereum ETF.
The Bloomberg report, the leading altcoin has recorded positive traction year-to-date (YTD) with speculations on the next wave of exchange-traded funds.
The Ether token is outshining Bitcoin this year partly on speculation that the next wave of spot US crypto exchange-traded funds will focus on the second-largest digital asset https://t.co/XM12Tps2iz
— Bloomberg (@business) February 21, 2024
Ethereum soared 28% this year while Bitcoin has climbed 21%, unlike previous time frames, when BTC was leading in this metric. Last year, Bitcoin recorded a 158% growth based on renewed institutional inflow, while Ethereum trailed behind with an 80% increase.
At press time, Ethereum trades at $2,918, a 6% rise in the last seven days and an 18% growth compared to the previous month. The asset also breached the $3,000 mark on Feb 20 before a slight market correction in early trading hours.
The rise of the asset above $3,000 marks the highest point since April 2022, before the fall of the Terra Network and the subsequent implosion of FTX.
Industry events and broader macroeconomic factors caused the bear market with falling asset prices. In 2022, the values of Bitcoin and Ethereum slipped by more than 55%.
This year, several analysts have predicted a change in direction for Ethereum with speculations of a spot Ethereum ETF approval by the United States Securities and Exchange Commission (SEC).
This comes after the success of Bitcoin before and after the Bitcoin ETF approval. 2023 began with mild inflows into the leading cryptocurrency and skyrocketed in the second quarter.
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