Key Points
- Ethereum (ETH) is predicted to reach new all-time highs before Bitcoin (BTC).
- Analysts believe that the launch of spot ETF products on Ether in the US will boost ETH price.
Michaël van de Poppe, the founder and CEO of MNTrading, has predicted that Ethereum is likely to reach new all-time highs before Bitcoin does. His analysis suggests that the impending launch of spot ETF products on Ethereum in the US will be a significant factor in this price surge.
Altcoin Focus Could Boost ETH Price
The launch of these Ethereum-based ETF products, while not yet fully approved, has received a preliminary green light from regulators. This development could potentially decrease Bitcoin’s share in the overall crypto market cap, providing altcoins with more room to increase in value.
“The Bitcoin dominance has likely peaked this cycle at 58%,” Van de Poppe explained. “The valuations of altcoins are super low compared to Bitcoin. Likely the next all-time high is going to be reached for Ethereum.”
At the time of writing, ETH/USD was trading at around $3,850, still a considerable way below its record $4,900 set in late 2021.
IBIT Becomes World’s Biggest Bitcoin ETF
In other crypto news, BlackRock’s IBIT has surpassed the Grayscale Bitcoin Trust (GBTC) in BTC holdings, making it the world’s largest Bitcoin ETF. This shift has been anticipated by market observers for some time. Since its conversion to a spot ETF in January, GBTC has been steadily losing its assets under management as investors move their funds elsewhere.
Initially, GBTC held nearly 620,000 BTC, but this number has now decreased by 53%. The shift in holdings has led to a resurgence of interest in Bitcoin ETF operators, with inflows now net positive for ten consecutive days.
This news comes amidst changes at Grayscale, with CEO Michael Sonnenshein announcing his resignation earlier this month.
