While Bitcoin has struggled since the much-anticipated spot ETFs have gone live, Ethereum has emerged as a winner in the sector.<\/p>\n
In its latest weekly report, the on-chain analytics firm Glassnode<\/a> has discussed how Bitcoin, Ethereum, and the altcoins have performed against each other recently.<\/p>\n The cryptocurrency sector as a whole has enjoyed a net rise since BlackRock first filed for its exchange-traded fund (ETF)<\/a> last year.<\/p>\n\n This period was filled with speculation about whether the various spot ETFs would go through. Still, starting mid-October, the assets rose as confidence that approval would be achieved went up.<\/p>\n \u201cBitcoin\u2019s market cap has increased by +68.8% since BlackRock first filed for their ETF, and the aggregate Altcoin Market Cap followed suit, rising by +68.9%,\u201d reads the report. \u201cHowever, Ethereum has seen more sluggish relative momentum, underperforming the wider altcoin space by -17%.\u201d<\/p>\n Next, Glassnode has talked about the \u201cmarket cap dominance<\/a>\u201d of these asset classes, which measures the percentage share they occupy in the total valuation of the cryptocurrency sector.<\/p>\n\n Since the FTX collapse<\/a> in November 2022, Bitcoin\u2019s market cap dominance has notably risen. However, BTC hasn\u2019t taken a share of Ethereum as the second-largest coin\u2019s dominance has moved mostly sideways in this period. Instead, the altcoins and stablecoins are the ones who have lost dominance to Bitcoin.<\/p>\n The BTC spot ETFs finally gained approval earlier this month, but the event turned out to be a sell-the-news one for the asset. In this post-ETF era, though, a new narrative has appeared in the sector in the form of the ETH spot ETFs.<\/p>\n \u201cShortly after the approval of the Bitcoin ETF, several issuers have filed or suggested a willingness to advocate for a spot ETF for Ethereum,\u201d notes Glassnode. \u201cAlthough obtaining approval for an ETH-based ETF might be more challenging due to the SEC possibly considering Ether as more of an investment contract, the markets appeared to express optimism.\u201d<\/p>\n As the chart below shows, Ethereum\u2019s dominance against Bitcoin has gone up.<\/p>\n\n As the graph shows, ETH\u2019s market cap dominance versus BTC has increased by about 2.9% since the latter\u2019s spot ETFs gained approval from the US SEC.<\/p>\n The altcoin side of the sector has seen a net rise in this period as well, but the alts haven\u2019t been able to keep up with ETH, as the latter has generally outperformed them.<\/p>\n\n In total, Ethereum has earned 4.2% in global dominance. \u201cThis makes ETH the biggest winner in the post-ETF approval market movements,\u201d explains the analytics firm.<\/p>\n At the time of writing, Ethereum is trading at around $2,230, up 1% in the last 24 hours.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n While Bitcoin has struggled since the much-anticipated spot ETFs have gone live, Ethereum has emerged as a winner in the sector.<\/p>\n In its latest weekly report, the on-chain analytics firm Glassnode<\/a> has discussed how Bitcoin, Ethereum, and the altcoins have performed against each other recently.<\/p>\n The cryptocurrency sector as a whole has enjoyed a net rise since BlackRock first filed for its exchange-traded fund (ETF)<\/a> last year.<\/p>\n This period was filled with speculation about whether the various spot ETFs would go through. Still, starting mid-October, the assets rose as confidence that approval would be achieved went up.<\/p>\n \u201cBitcoin\u2019s market cap has increased by +68.8% since BlackRock first filed for their ETF, and the aggregate Altcoin Market Cap followed suit, rising by +68.9%,\u201d reads the report. \u201cHowever, Ethereum has seen more sluggish relative momentum, underperforming the wider altcoin space by -17%.\u201d<\/p>\n Next, Glassnode has talked about the \u201cmarket cap dominance<\/a>\u201d of these asset classes, which measures the percentage share they occupy in the total valuation of the cryptocurrency sector.<\/p>\nETH Price<\/h2>\n
Ethereum Has Done Better Against Both Bitcoin And Altcoins Recently<\/h2>\n