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Home»BLOCKCHAIN NEWS»Ethereum is likely to outperform Bitcoin in the medium term.
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Ethereum is likely to outperform Bitcoin in the medium term.

By Crypto FlexsJanuary 18, 20242 Mins Read
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Ethereum is likely to outperform Bitcoin in the medium term.
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Ethereum is outperforming Bitcoin, driven by market expectations of a potential spot ETH ETF being approved.

Ethereum (ETH) is showing signs of outperforming Bitcoin (BTC) in the medium term, according to QCP Capital’s latest market update report. This change in market dynamics is tied to expectations of a potential approval for a spot ETH ETF.

6/ The next major cryptocurrency events are the BTC halving (mid-April) and the potential ETH spot ETF approval in May. In the meantime, cryptocurrencies may take some direction from macroeconomic events.

— QCP Capital (@QCPCapital) January 17, 2024

Recently, the U.S. Securities and Exchange Commission (SEC) approved several spot Bitcoin ETFs, which boosted the value of Ethereum by more than 5%. On the other hand, the price of Bitcoin fell more than 6% during the same period.

QCP Capital analysts predict that Ethereum’s upward trajectory is likely to continue, especially as talk shifts toward the possible approval of an ETH spot ETF. The report also highlights a notable increase in the ETH/BTC exchange rate, rising from 0.05 to 0.06 within a week.

Upcoming important events in the cryptocurrency space, such as the Bitcoin halving in mid-April and the possible approval of an Ethereum ETF starting in May, are also expected to influence market trends.

The potential for a spot Ether ETF gained further momentum following comments from BlackRock CEO Larry Fink, who acknowledged the value of such a product in the United States. BlackRock, the world’s largest asset management company, applied for a spot Bitcoin ETF in June and then applied to the SEC for an Ethereum spot ETF in November.

The ratio of Ethereum circulating supply to profits also increased last week, reaching a multi-year high of 91.8%. Bitcoin declined by 86.2%, indicating increasing investor confidence in Ethereum compared to Bitcoin.

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