Bitcoin Takes a Backseat as Investors Rotate Capital to ETH and Altcoins: CryptoQuant
Main Idea
Ethereum (ETH) has recently outperformed Bitcoin (BTC) in terms of price and trading volume, with increased investor interest in altcoins and reduced selling pressure on ETH compared to BTC.
Key Points
1. ETH's relative price to BTC surged from 0.018 to 0.031, reaching its highest level since January 24.
2. ETH's spot trading volume exceeded BTC's for the first time in over a year, with $25.7 billion for ETH compared to $24.4 billion for BTC in the same week.
3. The ETH/BTC Market Value to Realized Value (MVRV) ratio indicated ETH was undervalued in April, leading to its recent outperformance.
4. U.S. spot Ethereum ETFs are attracting more capital than Bitcoin ETFs, with the ETH/BTC ETF Holding Ratio increasing from 0.05 to 0.12.
5. ETH is facing lower selling pressure than BTC, signaling a bullish trend for ETH's continued outperformance.
Description
The crypto market is witnessing early signs of a brewing altcoin season. Ether (ETH) has been outperforming bitcoin (BTC), a sign that investors are beginning to rotate capital from the latter to the former. According to a weekly CryptoQuant report , a continuation of the current market trend could lead to a full-blown altseason, where bitcoin stalls and altcoins take off, raking in massive gains for investors. Investors Rotate capital to Altcoins For most of this bull cycle, ETH has underperfor...
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