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Home»EXCHANGE NEWS»Bitcoin shines when Ethereum lags behind
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Bitcoin shines when Ethereum lags behind

By Crypto FlexsMay 16, 20242 Mins Read
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Bitcoin shines when Ethereum lags behind
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A report by Glassnode, a company known for collecting and analyzing data directly from blockchain networks, showed that Bitcoin and Ethereum delivered different results during 2023-24. The study highlights that while Bitcoin has successfully maintained its market dominance, traders have overlooked Ethereum and price movements are slow.

According to Glassnode, there is a direct difference in the performance of the best cryptocurrencies. While Bitcoin performed well and survived the halving event, Ethereum struggled to keep up. The report identified a significant difference in sentiment between long-term Bitcoin holders and short-term Ethereum holders. This difference in Ethereum market activity is part of a bigger picture that shows less impressive capital mobility compared to previous cycles.

According to the study, after Bitcoin’s fourth halving, the market reacted quickly and its value fell to $57,000. Nonetheless, it recovered to an all-time high of $73,000. Bitcoin’s value fell 20.3%, marking its biggest correction since its previous low following the FTX crash in November 2022. Ethereum also performed much worse than Bitcoin, showing the same pattern but with twice the rate of decline.

Although the markets initially fell, both cryptocurrencies showed signs of a rebound. Nevertheless, the value of Ethereum has not been able to catch up with the value of Bitcoin, which has steadily increased. Investors who have been holding Ethereum for a long time, especially for 1-3 years, are now taking a cautious approach and are waiting to see how the situation develops due to Ethereum’s current difficulties.

Investors’ reactions to Bitcoin and Ethereum were diverse. According to the Net Unrealized Profit/Loss (NUPL) indicator, Bitcoin showed its euphoria phase three months before Ethereum, meaning Bitcoin holders realized unrealized profits faster than Ethereum investors. The regulatory environment, particularly the approval of spot Bitcoin ETFs, partly explains this, as the Ethereum ETF has not yet received approval.

Glassnode’s research shows that the cryptocurrency sector is undergoing ongoing change, with increased emphasis on Bitcoin’s resilience and strength in contrast to Ethereum’s lackluster performance.

The results show that both digital currencies can grow. Bitcoin, on the other hand, may be more advantageous for investors looking for a strong and resilient virtual asset because it can adapt more quickly to various market changes and regulatory issues. This comprehensive analysis is a valuable resource for investors seeking information on the performance of cryptocurrencies in the dynamic cryptocurrency trading environment.

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