Bloomberg Predicts Ethereum Will Outrank Bitcoin in Upcoming Months

In a surprising departure from previous trends, Ethereum (ETH) has emerged as the frontrunner in the cryptocurrency market in 2024, surpassing Bitcoin (BTC) with a remarkable 28% surge compared to Bitcoin’s 21% advance.

According to a Bloomberg report, Ethereum surpassed the $3,000 mark within the last 24 hours for the first time since April 2022, before subsequently retracing to $2,920 amid a selloff in crypto markets.

Ether Breaks Bitcoin’s Dominance

This reversal signifies a shift away from Bitcoin’s usual dominance observed throughout 2023. The shift in market dynamics, however, points to the growing prominence of Ether and investor’s confidence in the digital asset, positioning it as a leading player in the cryptocurrency landscape for the foreseeable future.

In early February, Bitcoin attracted the majority of inflows, securing $703 million, representing 99% of all investments into digital asset products.

Speculation on Ethereum ETF Approval

The recent approval of spot Bitcoin Exchange-Traded Funds (ETFs) by US regulators has reshaped the cryptocurrency market, fueling speculation and driving significant net inflows of $5.2 billion into the market.

This regulatory milestone has bolstered investor interest and confidence in Bitcoin-backed investment products. Amidst this regulatory backdrop, attention now turns to the potential approval of Ether ETFs.

However, regulatory doubts persist as authorities grapple with the intricacies of the cryptocurrency market. The anticipation of regulatory decisions and their impact on the crypto ETF landscape remains a focal point for investors and industry observers.

Institutional Interest and Futures of Ethereum

Stefan von Haenisch, who serves as the Head of Trading at OSL SG Pte in Singapore, has offered analysis on the future performance of Ether compared to Bitcoin, foreseeing Ether’s continued outperformance in the months ahead.

Although there are lingering uncertainties surrounding Gary Gensler’s position on approving an Ether ETF within the crypto community, SEC Commissioner Hester Peirce, also known as “Crypto Mom,” is expressing optimism regarding Ethereum ETFs.

Additionally, there is a mounting institutional interest in the Ether futures market, reflecting an escalating demand among investors for Ether-related products. This trend highlights the growing institutional acceptance of Ether and implies a positive outlook for the cryptocurrency in the forthcoming months.