With spot Bitcoin exchange-traded funds currently dominating the cryptocurrency narrative and market sentiment, Ethereum is lagging behind. However, if BTC funds are approved, these stories could soon turn into the world’s second largest digital asset.
The cryptocurrency market hit a 21-month high with a total market capitalization of $1.8 trillion, driven by spot Bitcoin ETF hype. As expected, Bitcoin is leading, with some altcoins hitting double digits, but not Ethereum.
Ethereum is vastly undervalued
January 9 Cryptocurrency investor ‘DC Investor’ said His 235,000 X followers said Ethereum “will perform better and retain more value than most assets after this cycle.”
“IMO it’s massively undervalued right now.”
This argument stems from the premise that Ethereum will be the next logical asset for spot ETPs after the Bitcoin ETF is approved and attracts billions of dollars in inflows.
that Added Ethereum already has a futures-based ETF, so spot funds will likely be approved in the US next.
“It (ETH) becomes the ‘silver to Bitcoin gold’, stronger and faster moving in a cryptocurrency bull market.”
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
Cryptocurrency YouTuber ‘Crypto Rover’ echoed How he feels about his 635,000 “The Ethereum spot ETF is going to be the next big story,” he added.
“Once the Bitcoin spot ETF is approved, things will stabilize and the next hype will shift to ETH.”
The analyst said there is currently little interest in Ethereum due to the Solana pump. SOL price is up 360% over the past 90 days, while underperforming ETH has only managed 48% over the same period.
Cryptocurrency trader ‘Ramenpanda’ also said the same thing and said that funds would soon flow into the Ethereum ecosystem. The Ethereum ETF will come after the Bitcoin ETF is approved. Added.
Last week, Bloomberg ETF analyst James Seyffart said the SEC approved Ethereum futures and the CFTC classified ETH as a commodity. “I think a potential Ethereum ETF could be approved this year as well,” the analyst said.
ETH price outlook
Ethereum price rose 3.6% on the day, trading just above $2,300 at the time of writing.
However, the asset has been stuck in a range since early December, hovering between $2,150 and $2,400.
Meanwhile, alternative layer 1 tokens like SOL and AVAX pumped 13% and 11% respectively on the day.
Other altcoins outperforming ETH today include Cardano (ADA), Polkadot (DOT), Polygon (MATIC), and Internet Computer (ICP).
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