Ethereum ETF to Bring Max Pain for BTC Dominance, Trader Says – U.Today

0

Top analyst and crypto commentator who goes by @hedge__x on X (formerly Twitter) is sure that Ethereum (ETH) has all chances to outshine Bitcoin (BTC) in the coming bull run.
Bitcoin (BTC), the largest cryptocurrency, is going to set a new all-time high in this cycle. However, even over $100,000 per BTC, it will be disappointing for many Bitcoiners, @hedge__x shared on Jan. 19 on his X.
Corn is going higher this cycle but many will be disappointed at $100k peak.

ETH has much more upside potential w many more future catalyst including ETF.

Max pain for BTC.D. Max gain for Total2.
By contrast, Ethereum (ETH) has way more impressive upside potential compared to the orange coin. Among other catalysts, Ethereum (ETH) has possible ETF approval ahead. This might be an amazing catalyst for the next ETH rally.
It should be noted that Ethereum (ETH) is getting closer to EIP-4844 or Proto-Danksharding upgrade activation. It is set to change the game in L2s and make them more resource-efficient.

Related
Ethereum Upgrade EIP 4844 Is Massive for L2s, Here’s Why

As such, the analyst is positive about the potential of Total2, an indicator of cumulative cryptocurrency markets capitalization excluding Bitcoin (BTC).
The Bitcoin Dominance (BTC.D) indicator is due to go through “maximum pain,” the trader concluded.
In January 2024, Bitcoin Dominance (BTC.D) is losing momentum. After registering a local high over 55% on Jan. 9, it lost 7.5% (4.6 points) in less than 10 days.
Ethereum ETF is one of the most anticipated events for the cryptocurrency segment in 2024. The community and experts are moderately optimistic about its potential approval.

Related
ETH ETF Next? Seasoned VC Vance Spencer Shares His Views

However, the court processes between the U.S. SEC and crypto exchanges over illegal securities offering might affect the timeline of the ETH ETF approval.
Together with other large-cap altcoins, Ether is one of the tokens the SEC claimed to be unregistered securities.
Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.
Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.

source

Leave a Reply

Your email address will not be published. Required fields are marked *