While Bitcoin and altcoins continue their rise, the largest altcoin Ethereum surpassed BTC.
At this point, while Ethereum and altcoins were on the rise along with Bitcoin, ETH surpassed BTC, which appreciated by 8.4%, with a 16% increase on a weekly basis.
Commenting on Ethereum's rise, Amberdata derivatives manager Greg Magadini told Coindesk that Ethereum has overshadowed Bitcoin in the last seven days.
Stating that the upward trend of ETH last week may continue, Magadini argued that the fundamentals of ETH look more positive than Bitcoin.
Stating that BTC halving is currently on the market's agenda, but the decrease in ETH's supply is more important than the halving, the analyst stated that Ethereum will perform better than Bitcoin:
“Everyone is talking about the Bitcoin halving in April, but this is nothing compared to the active ‘REDUCTION’ in ETH supply that has been occurring since September 2022.
The name of the next game here is ETH!
Considering the low ETH/BTC ratio and the decreasing supply of ETH, ETH's chart is even better than BTC.
“When you add STAKED ETHs to this decrease in supply in ETH and a spot ETH ETF that will enable the active transfer of ETHs in circulation to cold wallets, the story of ETH becomes as bullish as possible, and bullish for ETH.”
As it is known, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy and Hashdex applied to the SEC for a spot Etheruem ETF.
At this point, analysts and the market expect the SEC to green light a spot ETH ETF in May or later this year at the latest.
*This is not investment advice.