Ethereum price action lags behind Bitcoin
In a recent article shared by Nancy Lubale infire on the top three reasons why the price of ETH continues to lag BTC in 2024, Ethereum's price action lags BTC on a number of metrics as investors wait for the spot ETH ETF to debut.
To wit, "Ethereum started the year strong but began to decline in mid-March. Although ETH gained momentum in mid-May on the anticipation of Ethereum spot ETF approval in the U.S., it has underperformed Bitcoin."
He has indicated in a new report from Digital Assets: Market Outlook and Trends, a joint publication of CME Group and Glassnode, reveals some of the reasons why ETH has underperformed BTC throughout 2024, as discussed below.
In this regard, "Looking more broadly, Ether's drawdown profile has experienced relatively deeper corrections compared to Bitcoin, with the largest decline in the 2022-24 cycle so far being -42%."
On the other hand, "The report records several reasons for Ether's underperformance, including the approval of spot Bitcoin ETFs in the U.S. in January 2024 and increasing competition from other proof-of-stake blockchains"
SOURCES CONSULTED
Cointelegraph. 3 reasons why Ethereum price continues to underperform against BTC in 2024. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
