While Bitcoin continues its volatile movements, Ethereum (ETH) stood out with its tremendous performance in 2024, surpassing BTC compared to Bitcoin's rise.
While this performance difference was interpreted as indicating a deviation from the upward trend in 2023, where Bitcoin led the market, the expert who spoke to Bloomberg said that ETH may outperform BTC in the coming months.
At this point, it was stated that the spot ETH ETF approval expectation and the increasing confidence of investors were behind this situation, and that it was an indicator that ETH would have an important position in 2024.
Speaking to Bloomberg, Singapore-based OSL SG Pte Trading Manager Stefan Von Haenisch argued that ETH will outperform Bitcoin.
“Ethereum is eclipsing Bitcoin in part due to speculation that ETH will be the next pillar of spot ETFs, a harbinger of increased investor demand.
Against this expectation, ETH rose to $ 3,000 for the first time since April 2022.
Additionally, institutional interest in the Ethereum futures market is increasing, indicating increasing demand from investors looking to dive into ETH-related products.
“This trend underscores the increasing institutional adoption of ETH and indicates a bullish trend towards the cryptocurrency in the foreseeable future.”
ETH continues to trade at $2,888 at the time of writing.
*This is not investment advice.