Ethereum vs. Bitcoin: Long-time dealer Peter Brandt forebodes a potential market drop in Ethereum
Once upon a time, Ethereum was seen as a serious contender to steal the crown from Bitcoin, expected to make blockchain technology more accessible for the masses. In the crazy crypto boom periods of 2017 and 2021, Ethereum was right smack at the center of the action, with its price shooting up faster than a wild roller coaster.
Now, here's the thing - as Bitcoin and other cryptos have been on a tear lately, Ethereum has been struggling to keep up. Data from CoinGecko shows Bitcoin leading the pack with a 53% yearly growth, while Ethereum is lagging behind with a 42% drop.
Legendary trader, Peter Brandt shared a chart comparing ETH and BTC, highlighting Ethereum's continuous slide against Bitcoin. If you're wondering whether this slide is about to end, Brandt's chart isn't giving much hope, suggesting more doom ahead for Ethereum unless it manages to pull off a major trend reversal.
On the bright side, U.S. Ethereum ETFs have started to see some positive inflows after weeks of outflows, according to Glassnode. That's a good sign, but it's still a tiny drop in the ocean compared to the massive inflows Bitcoin has been receiving.
At the moment, Ethereum is actually outperforming Bitcoin both daily and weekly, but let's not get too excited just yet. We'll need to keep an eye on the ETH vs. BTC pair in the coming days for any signs of a reversal, which could indicate a much-needed strength boost for Ethereum following its prolonged downtrend.
- Despite Ethereum's initial promise to challenge Bitcoin's dominance in the crypto market, it has been struggling to keep pace with Bitcoin's growth.
- The market cap of Bitcoin has been growing at a rate of 53% yearly, while Ethereum has seen a 42% drop.
- Peter Brandt, a well-known trader, has shared a chart comparing Ethereum and Bitcoin, underscoring Ethereum's continuous drop against Bitcoin.
- The current state of Ethereum's market capitalization suggests a possible prolonged downtrend, but Brandt's chart offers little hope for a quick recovery.
- However, there have been some positive signs for Ethereum lately, such as increased inflows into U.S. Ethereum ETFs.
- Despite outperforming Bitcoin both daily and weekly, Ethereum's recovery may depend on its performance against Bitcoin in the coming days.
- With the continuous development and advancements in the field of cryptocurrencies and blockchain technology, the finance industry is keeping a close eye on the Ethereum-Bitcoin pair as a key informational highlight.
