While expectations for a spot Ethereum ETF continue in the crypto world, a well-known analyst made significant statements about the market. According to the analyst, even if the spot ETH exchange-traded fund (ETF) starts trading in the coming days, Bitcoin (BTC) may continue to outperform Ethereum (ETH).
What is the Current Price of Ethereum?
Crypto strategist Benjamin Cowen once again shared his views on YouTube. The analyst, who examined Ethereum, stated that its performance against BTC is exaggerated and commented that BTC could continue to perform better compared to ETH.
Ultimately, I don’t think a spot ETF for ETH will prevent the ETH/Bitcoin valuation from remaining relatively low… For the past few years, there has been a lot of narrative about why the ETH/Bitcoin valuation would never even drop to current levels… In 2022, when the ETH/Bitcoin was at 0.08 BTC, if you told them it would drop to the mid-0.04s by 2024, they would have laughed at you… Theoretically, we have these narratives about the deflationary mechanism that supposedly caused the Ethereum/Bitcoin valuation to ‘hold up well’ with the transition from proof of work to proof of stake, and this did not happen. This also gave us the idea that, hey, maybe this is more about monetary policy than anything else.
As of the time of writing, when the ETH/BTC price parity is examined, the price was seen to be trading at 0.05416 BTC (3,112 dollars).
On the other hand, the analyst, who also examined dominance, stated that when stablecoins are excluded from the analysis, the Bitcoin dominance (BTC.D) chart, considering similar situations seen in both 2016 and 2020, could decline in the near term but might see a recovery in the fourth quarter.
There is a situation where potential pullbacks could occur within the next month or longer… In the fourth quarter of the years of halving, we saw dominance increase both times.
What is the Current Price of Bitcoin?
While expectations for a spot Ethereum ETF continue in the market, volatile price movements continue to draw attention. Despite this, BTC seemed to gain a neutral outlook on Friday evening.
BTC price continues to find buyers at 58,185 dollars after a 1% rise in the last 24 hours. Additionally, the market cap stands at 1.147 trillion dollars. The 24-hour trading volume decreased by 12% and is at 24.7 billion dollars.
