Bitcoin vs Ethereum- Altcoin Season Hinges on Ethereum’s Performance
Bitcoin vs Ethereum– Interest in the crypto market is gradually moving from Bitcoin (BTC) to Ethereum (ETH), although many investors may not yet notice this change due to lingering fears from past market downturns. MN Trading Capital founder Michaël van de Poppe explained on Wednesday that “the markets aren’t entirely Bitcoin focused; as a matter of fact, it is shifting toward Ethereum.”
Van de Poppe referenced Bitcoin on-chain analyst Willy Woo’s recent documents, which suggest the market is entering an “Ethereum state.” He added, “I like the statement,” but noted the shift is subtle because “everybody is still stuck in the fact that the markets are bad.”
Macro Factors Support Ethereum’s Rise
According to van de Poppe, the shift towards Ethereum is influenced by macroeconomic changes, especially a weakening dollar and the start of a new business cycle. At the time of writing, Ethereum’s price has surged 71% since its April low of $1,472 but remains 48% below its November 2021 all-time high of $4,878.
Van de Poppe said, “In recent months, we are finally getting into better shape, but everybody is still stuck in the bear market PTSD.” The ETH/BTC ratio has risen 0.33% in the past 30 days but remains down 32.32% over six months. Crypto analyst “Crypto Fella” called this ratio “the most important chart to look at,” emphasizing the need for “some strength before we can see the big reversal.”
Ethereum ETFs Show Positive Momentum
Spot Ether ETFs in the U.S. have shown promising momentum, recording a 19-day consecutive inflow streak with $1.37 billion in total inflows since July 2024, according to Farside data. Despite this, CoinMarketCap’s Altcoin Season Index still indicates a “Bitcoin Season,” scoring 23 out of 100.
Van de Poppe highlighted that for an altcoin season to truly take hold, Ethereum must demonstrate stronger and sustained performance. “If we want to have an altseason that we all are craving for… then we need Ethereum to do better, then we need Ethereum to show strength,” he said.
Cointelegraph reported that Ether futures premiums briefly turned bearish as ETH’s price dropped 15% to $2,440, wiping out $277 million in leveraged longs. However, the premium returned to neutral levels, signaling growing trader confidence.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
