Bitcoin [BTC] experienced a price drop that pushed the price below $30,000. However, the downtrend was short-lived as the price of BTC broke above $30,000 again. It was like this at the time of going to press trade at $30,015.14 with a market cap of over $580 billion.
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While BTC rallied, the second largest crypto did not, ether [ETH]. Its price is down over 2% in the last 24 hours. However, the scenario could soon change, as a recent CryptoQuant analysis suggests.
Battle of the Royals
CryptoQuant posted one analysis on April 11, highlighting a few factors that suggest ETH could outperform BTC in the coming days.
For example, the analysis mentioned that relative spot demand for ETH has increased recently due to a drop in ETH Bitcoin Spot Trading Volume. This was a development in favor of the king of altcoins.
Source: CryptoQuant
Additionally, futures markets pointed to a potential reversal into ETH, with open interest and trading volume potentially bottoming out.
The interest of the derivatives market in ETH could be spurred by the forthcoming Shanghai update, due out on April 12.
BTC’s demise can be beneficial for ETH
Wenry, a writer and analyst at CryptoQuant, also posted another analysiswhich raised some concerns Bitcoins future. According to the analysis, since March 26, the ratio of spot trading volume to derivatives has declined sharply.
The ratio played a key role in BTC’s pump during the first quarter. Therefore, a decline increases the likelihood of ETH outperforming BTC in the short-term.
Source: CryptoQuant
That’s what the metrics suggest
Looking at the metrics of both cryptocurrencies simultaneously revealed that BTC still had an edge over ETH, with several metrics supporting the bulls. For example, the buy/sell ratio of BTC takers showed that the sentiment was buying Dominant in the derivatives market.
However, according to CryptoQuant Dataat was the opposite ETH at the time of printing, which could be problematic. While ETH active addresses decreased compared to the previous day, BTC active addresses increased.
Source: Santiment
Santiment’s data showed that BTC’s weighted sentiment was significantly more positive than ETH, indicating investor confidence in the king coin. Investor confidence Bitcoin was further proven by Santiment’s tweet.
The tweet revealed that a whale address was the recipient of a 23,500 BTC transaction, which was the fourth largest recorded transfer of the year.
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🐳 A whale address was the recipient of a $23,500 BTC transaction worth ~$710 million. This was the fourth largest recorded transfer of the year. Now crossing $30,000, large moves like this should become more frequent as the crowd polarizes. https://t.co/QjkbAqGXYj pic.twitter.com/JaymbhvORL
— Santiment (@santimentfeed) April 12, 2023
To read Bitcoins [BTC] price prediction 2023-24
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Considering the metrics, ETH is unlikely to outperform BTC. But ETH is waiting for its major To updateand some key BTC metrics are fading, it would be interesting to see how things play out.
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