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Analyst Claims Ethereum Is Not Dying, Bitcoin Surge No Threat To Ether

Analyst Claims Ethereum Is Not Dying, Bitcoin Surge No Threat To Ether
© Copyright Image: NewsBTC

This week has witnessed remarkable growth in the global cryptocurrency market, spearheaded by Bitcoin. Today, the total market capitalization of the cryptocurrency market stands at $2.44 trillion, an increase of 1.61% from the previous day. Most of the digital assets are in the green zone meaning that their prices are rising and the outlook of the market is generally positive.

In this latest market frenzy, one storyline is attracting attention and some analysis: while Bitcoin is outperforming the rest and retesting $73,000, Ethereum is struggling to hit its target of $4,000. The diverging performances between the two top digital assets now serve as an interesting sub-plot to an exciting week ahead for the general cryptocurrency industry.

Ethereum And Bitcoin- A Contrasting Story Of Market Run

As the top two cryptocurrencies by market cap, its natural for analysts and observers to take a second look at Ethereum and Bitcoin. While both digital assets have notched some gains, with Bitcoin rising by 1.90% and ETH by 2.59%, they still paint contradicting storylines.

As the top crypto, Bitcoin has led the recent market rally, surpassing the psychological $70,000 level and hitting $72,459.92. Last Tuesday, BTC tested the $73k level again, and analysts expect it will record another all-time high soon.

In contrast, Ethereums run has been sluggish, falling short of expectations. While ETH joined other coins in a mini-rally this week, its current price of $2,687 is still far from the analysts target of $4,000.

ETHs Recent Run- What Analysts Are Saying

The contrasting price runs and milestones for both top cryptos have attracted some attention. For most analysts, Bitcoins recent price performance validates its standing as the current top digital asset. Ethereums struggles to hit the elusive $4k have been criticized by some traders and analysts, with many stating that Solana is now the next Ethereum.

However, a few analysts still defend Ethereum and expect the blockchain to rebound soon. Benjamin Cowen, the founder and CEO of ITC, took to Twitter/X to say that the Ethereum blockchain is not dying. In the same post, he shared that he expects ETH/BTC to bottom this quarter and will make a run next year.

ETFs Also Show A Similar Storyline

In addition to market prices, the spot ETFs market reflects Bitcoins overall strength and Ethereums recent struggles. According to recent data, Bitcoin ETFs attracted $870.1 million, compared to Ethereums spot ETFs $7.6 million.

While many are excited about Bitcoins next price move, some are paying attention to ETH. Ethereum is now on the analysts radar, and they are checking whether ETH can benefit from the same market factors pushing Bitcoin higher.

Featured image from Pexels, chart from TradingView

Read more: https://www.newsbtc.com/news/analyst-claims-ethereum-isnt-dying-bitcoin-surge-no-threat-to-ether/

Text source: NewsBTC

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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