Trader Predicts Ethereum ETF Will Significantly Erode Bitcoin’s Market Dominance
2 min read
Vladislav Sopov
Experienced, anonymous investor shares a bullish outlook on ETH/BTC dynamics for the upcoming cycle.
Renowned analyst and digital asset thought leader, known as @hedge__x on platform X (previously recognized as Twitter), firmly believes that Ethereum (ETH) could eclipse Bitcoin (BTC) during the next market upswing.
Bitcoin Dominance in Jeopardy: Expert Casts Doubt on Future BTC Performance
Although Bitcoin (BTC) is poised to set record heights in the forthcoming cycle, possibly surpassing $100,000, it might not live up to Bitcoin enthusiasts’ expectations, as per insights from @hedge__x posted on Jan. 19 on his X.
In comparison, Ethereum (ETH) boasts a significantly more promising growth outlook than its counterpart, the so-called orange coin. Factors such as the potential approval of an Ethereum ETF could serve as a strong signal for Ether’s next significant surge.
Notably, Ethereum (ETH) is nearing the launch of its EIP-4844 upgrade, also referred to as Proto-Danksharding. This upgrade aims to revolutionize Layer 2 solutions by enhancing their efficiency.
Consequently, the analyst is optimistic about the Total2 metric, which represents the aggregate market capitalization of all cryptocurrencies, excluding Bitcoin (BTC).
He predicts a phase of “maximum pain” for the Bitcoin Dominance (BTC.D) index.
ETHER’s Legal Classification Key for ETH ETF Endorsement
As for January 2024, the Bitcoin Dominance (BTC.D) index has waned, retreating from a local peak of over 55% on Jan. 9 by downsliding 7.5% (4.6 points) in less than 10 days.
The cryptocurrency community and specialists are cautiously confident about the impending decision on the Ethereum ETF. Nevertheless, legal battles between the U.S. SEC and cryptocurrency exchanges over allegations of illicit securities offerings could delay the approval process.
Within this context, Ether, along with other prominent altcoins, is under scrutiny as potential unregistered securities as per the assertions of the SEC.
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