Bitcoin (BTC) surged past $70,000 to reach a new all-time high late last night, but quickly plummeted. At the same time, Ethereum (ETH) briefly broke through $4,000, reaching its highest point since December 2021. Analysts suggest that Bitcoin is consolidating at its current level, while Ethereum is expected to outperform Bitcoin in the short term, with some predicting that ETH may surpass $10,000 this year.
(Teaser:
Ethereum climbs to become the 20th largest asset globally, while Bitcoin maintains its position as the 9th largest, with CEX daily trading volume reaching a new high in 2 years.)
(Background:
Ethereum’s “Dencun Upgrade” countdown begins in five days! Are major Layer2 solutions ready?)
Table of Contents:
Ethereum briefly surges above $4,000, reaching a two-year high
Analysts: BTC consolidating at current level, ETH performing relatively better in the short term
Institutions bullish on Ethereum
Bitwise analyst: ETH may surpass $10,000 this year
Bitcoin (BTC) briefly surpassed the $70,000 mark in the late night of March 8 (Taiwan time), setting a new all-time high. However, it quickly dropped to a low of $66,063, a decline of over 5.6%. At the time of writing, it has rebounded to $68,163, representing a 1.9% increase in the past 24 hours.
Source: OKX Exchange
At the same time, Ethereum (ETH) briefly surged to a high of $4,003, marking the first time since December 2021 that ETH has surpassed the $4,000 mark. Similar to Bitcoin’s trend, ETH quickly dropped by nearly 5% to $3,828.
At the time of writing, it is trading at $3,928, with a 0.5% increase in the past 24 hours. There is still a 19.5% gap from its historical high of $4,878 in November 2021.
Source: Trading View
Analysts: BTC consolidating at current level, ETH performing relatively better in the short term
It is worth mentioning that Ethereum has seen a 14.31% increase in the past seven days, far surpassing Bitcoin’s 9.37% increase in the past week. Chris Newhouse, a DeFi analyst at Cumberland Labs, commented on the trends of the two major cryptocurrencies, stating that:
Further reading:
Bull Market Must-Read: How to Seize the Next Hundredfold Coin and When Will Altcoins Explode?
The current market widely believes that Ethereum’s recent surge is driven by optimistic expectations of the approval of Ethereum spot ETF and the upcoming Dencun Upgrade on March 13.
Siddharth Lalwani, Co-founder and CEO of Range Protocol, stated that institutional investors may further increase their positions in Ethereum as attention shifts away from Bitcoin’s recent all-time high. He told Cointelegraph:
Juan Leon, a cryptocurrency research analyst at Bitwise, who also sees a positive trend for Ethereum, stated that the price of ETH in 2024 could rise to $10,000 or higher.
Regarding the approval of Ethereum spot ETF in May, Bitwise analysts believe that the possibility of approval is not as clear as it was for Bitcoin spot ETF earlier this year, but this possibility will bring excitement to Ethereum. They believe the chances of approval are 50%-60%, and even if it doesn’t happen in May, approval is inevitable.
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