Ethereum (ETH) could surprise the cryptocurrency market and hit a new all-time high before Bitcoin (BTC) enters price discovery again.
In a recent market analysis, Michaël van de Poppe, founder and CEO of trading firm MNTrading, predicted a “likely” move for ETH/USD.
Analysts believe that the concentration of altcoins will push the price of ETH higher.
Ethereum is now the next cryptocurrency poised to hit all-time highs, a new analysis has revealed.
As Cointelegraph reported, cryptocurrency traders are expecting strong Bitcoin price action in response to another landmark ETF moment: the launch of a spot ETF product for Ethereum in the US.
It has not yet been fully approved to begin trading, but has received conceptual approval from regulators after a surprising U-turn.
At the same time, the move could reduce Bitcoin’s share of the overall cryptocurrency market capitalization, which some believe could allow altcoins to benefit more.
“Bitcoin dominance may have peaked at 58% this cycle,” Van de Poppe claimed over the weekend.
“The value of altcoins is very low compared to Bitcoin. Ethereum is likely to reach all-time highs next.”
ETH/USD was trading around $3,850 at the time of this writing, according to data from Cointelegraph Markets Pro and TradingView. This is still significantly lower than the record high of $4,900 set at the end of 2021.
IBIT Grows to Become the World’s Largest Bitcoin ETF
The Bitcoin ETF battle saw a symbolic milestone on May 28, when BlackRock’s IBIT beat Grayscale Bitcoin Trust (GBTC) in BTC holdings for the first time.
Related: BlackRock Adds Its Own Bitcoin ETF to Income and Bond Funds.
At the close of trading on Wall Street, IBIT stood at 288,670 BTC compared to GBTC’s 287,450 BTC, according to inflows tracked by sources including cryptocurrency review portal Apollo.
This “flipping” has long been a concern for market observers. Since converting to a spot ETF in January, GBTC has been steadily disposing of assets under management as investors move their funds.
Initially, GBTC held nearly 620,000 BTC, but that number is now down 53%.
“The biggest news: Blackrock now holds more BTC than GBTC.” Popular critic WhalePanda wrote as part of his response to X (formerly Twitter).
WhalePanda also addressed the upheaval at Grayscale itself, announcing that CEO Michael Sonnenshein would step down earlier this month.
Bitcoin ETF operators have seen a resurgence of interest in recent weeks and are currently seeing 10 consecutive days of net increases in inflows.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.