Ethereum Is The Biggest Winner In Post-ETF Approval Market: Glassnode
25 Januar 2024 - 3:00AM
NEWSBTC
While Bitcoin has struggled since the much-anticipated spot ETFs
have gone live, Ethereum has emerged as a winner in the sector.
Ethereum Has Done Better Against Both Bitcoin And Altcoins Recently
In its latest weekly report, the on-chain analytics firm Glassnode
has discussed how Bitcoin, Ethereum, and the altcoins have
performed against each other recently. Related Reading: When Will
Bitcoin Downtrend End? This Signal Could Be One To Watch The
cryptocurrency sector as a whole has enjoyed a net rise since
BlackRock first filed for its exchange-traded fund (ETF) last year.
The trend in the market caps of the three asset classes over the
past few months | Source: Glassnode's The Week Onchain - Week 4,
2024 This period was filled with speculation about whether the
various spot ETFs would go through. Still, starting mid-October,
the assets rose as confidence that approval would be achieved went
up. “Bitcoin’s market cap has increased by +68.8% since BlackRock
first filed for their ETF, and the aggregate Altcoin Market Cap
followed suit, rising by +68.9%,” reads the report. “However,
Ethereum has seen more sluggish relative momentum, underperforming
the wider altcoin space by -17%.” Next, Glassnode has talked about
the “market cap dominance” of these asset classes, which measures
the percentage share they occupy in the total valuation of the
cryptocurrency sector. The trend in the market cap dominances of
these assets over the last few years | Source: Glassnode's The Week
Onchain - Week 4, 2024 Since the FTX collapse in November 2022,
Bitcoin’s market cap dominance has notably risen. However, BTC
hasn’t taken a share of Ethereum as the second-largest coin’s
dominance has moved mostly sideways in this period. Instead, the
altcoins and stablecoins are the ones who have lost dominance to
Bitcoin. The BTC spot ETFs finally gained approval earlier this
month, but the event turned out to be a sell-the-news one for the
asset. In this post-ETF era, though, a new narrative has appeared
in the sector in the form of the ETH spot ETFs. “Shortly after the
approval of the Bitcoin ETF, several issuers have filed or
suggested a willingness to advocate for a spot ETF for Ethereum,”
notes Glassnode. “Although obtaining approval for an ETH-based ETF
might be more challenging due to the SEC possibly considering Ether
as more of an investment contract, the markets appeared to express
optimism.” As the chart below shows, Ethereum’s dominance against
Bitcoin has gone up. The value of the metric seems to have gone up
for ETH recently | Source: Glassnode's The Week Onchain - Week 4,
2024 As the graph shows, ETH’s market cap dominance versus BTC has
increased by about 2.9% since the latter’s spot ETFs gained
approval from the US SEC. Related Reading: Analyst Says “Rapid
Price Recovery” Is Likely For Bitcoin, Here’s Why The altcoin side
of the sector has seen a net rise in this period as well, but the
alts haven’t been able to keep up with ETH, as the latter has
generally outperformed them. ETH has gained market-share against
the altcoins | Source: Glassnode's The Week Onchain - Week 4, 2024
In total, Ethereum has earned 4.2% in global dominance. “This makes
ETH the biggest winner in the post-ETF approval market movements,”
explains the analytics firm. ETH Price At the time of writing,
Ethereum is trading at around $2,230, up 1% in the last 24 hours.
ETH has plunged over the last couple of days | Source: ETHUSD on
TradingView Featured image from Bastian Riccardi on Unsplash.com,
charts from TradingView.com, Glassnode.com
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