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Ethereum Is The Biggest Winner In Post-ETF Approval Market: Glassnode

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.

The cryptocurrency sector as a whole has enjoyed a net rise since BlackRock first filed for its exchange-traded fund (ETF) last year.

Ethereum Vs Bitcoin Vs Altcoins

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.

Ethereum Market Cap Dominance

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.

Ethereum And Bitcoin

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.

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.

Ethereum And Altcoins

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.

Ethereum Price Chart

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Ethereum (ETH) Lags In Market Cap Growth Despite Positive Year – Details

According to a report from crypto analytics firm IntoTheBlock, Ethereum has recorded an 85% increase in its market cap over the last year, moving from around $149.18 billion to its current value of $275.98 billion. However, in comparison with other major assets, ETH performance still leaves more to desire, especially considering the many positive developments experienced by the asset in 2023.

Ethereum Underperforms

Ethereum (ETH) has been one of the major headliners in the crypto space in 2023. The second-largest cryptocurrency and the most prominent altcoin has continued to retain investor interest marked due to several factors. 

One of these factors is the Shanghai/Capella upgrade in April which has so far produced a significant increase in ETH staking activity as investors are now allowed to freely withdraw their assets from the Ethereum network.

Furthermore, Ethereum has also recorded an increase in institutional adoption amidst the launch of Ether Futures ETF in the US and a growing competition among several asset managers to gain approval for the first-ever spot Ether ETF. Nevertheless, these developments could only boost the altcoin market shares by 85%, which while impressive, is overshadowed by the performance of other cryptocurrencies. 

For context, Bitcoin, the market leader, recorded a 163% gain in market cap value, while other top coins, such as ADA and AVAX, also experienced gains to the tune of 145% and 341%, respectively. 

Trending meme token Bonk (BONK) produced the largest market cap increase of 1,574%, followed by Optimism (OP) with 916% and Solana (SOL) with 744%. Other notable mentions include Celestia (TIA) and Chainlink (LINK), with 459% and 199%, respectively. 

ETH Price Prediction 

At the time of writing, Ethereum trades around $2,292.13 with a 0.04% gain on the last day. Looking at the token’s daily chart, ETH is currently headed for the $2,400 resistance zone, which has proven effective in recent weeks.

Interestingly, price prediction site Coincodex reports that investor sentiment surrounding Ethereum is strongly bullish, with a Fear & Greed Index of 71. This indicates that many investors currently consider altcoin to be a favorable investment. 

However, if the $2400 resistance zone holds strong again, ETH could experience a price dip, finding support around the $2120 price region. And in the presence of overwhelming selling pressure, Ethereum could fall as low as $1,921.

Ethereum

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Ethereum Beats Out Walmart, Mastercard To Be 25th Largest Asset In The World

Ethereum has been up with the recovery in the market, growing as fast as bitcoin in the space. This has seen the market cap of the cryptocurrency rise rapidly. While it had lost its footing in the list of top assets by market cap in the world following the price crash, it has since gained back enough of its previous value to put the digital asset above some of the largest companies on the list.

Ethereum Is Bigger Than Walmart

With a recovery above $3,200, Ethereum has once again solidified its place as one of the most valuable assets in the financial sector. Although it is only half a decade old, it continues to compete with companies that have been in operation for decades, boasting a higher market cap than others despite their widespread use around the world.

Related Reading | Stablecoins Total Market Cap Breaches $179 Billion Mark – Can It Go Higher?

After losing about $100 billion of its market cap following the crash that saw its fallen crumble from above $4,000 to below $3,000, it has begun to claw its way back up. At its current price, atheneum’s market cap is back up at $382.34 billion. It’s a long way from its all-time high but a significant value nonetheless, one that puts it ahead of giants like Walmart and Mastercard.

The digital asset is now sitting at 25th place on the list of the most valuable assets in the world. While this number may seem a bit low, a look through the list helps put in perspective just how large the cryptocurrency has gotten.

ETH settles above $3,200 | Source: ETHUSD on TradingView.com

Ethereum sits ahead of world-class names and brands on the list. Most of these are households names and are leaders in their various industries. Besides Walmart and Mastercard, the digital asset boasts a larger market cap than the likes of Home Depot, Alibaba, Disney, Coca-Cola, Pepsico, among others.

Where Does Bitcoin Sit?

Bitcoin is the most valuable cryptocurrency in the crypto space. Its market cap is twice as large as that of ethereum, which holds the spot for the second-largest. With a market cap of $839.60 billion, bitcoin sits considerably higher on the list compared to the number 2 cryptocurrency.

Related Reading | Three Arrows Buys Your ETH, Addresses Swell After Hinting Bearish Stand

Presently, bitcoin’s market cap places it at 9th place on the list of most valuable assets in the world. It comes out ahead of social media giant Meta (formerly Facebook), payments giant Visa, legendary investment firm Berkshire Hathaway, among a slew of others.

It is truly remarkable what assets in the crypto space have been able to achieve despite the industry being a little over a decade old. The more the space grows, the higher they will move up on the list.

Featured image from Currency.com, chart from TradingView.com