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This week witnessed remarkable growth in the global digital currency market, led by Bitcoin. Today, the total market cap of the cryptocurrency market is $2.44 trillion, an increase of 1.61% from the previous day. Most digital assets are in the green zone which means that their prices are rising and the market outlook is generally positive.
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In this latest market frenzy, there is one story that is attracting attention and some analysis: While Bitcoin is outperforming the rest and retesting $73,000, Ethereum is struggling to reach its $4,000 target. The divergent performance between the top two digital assets is an interesting subplot for an exciting week ahead for the overall cryptocurrency industry.
Ethereum and Bitcoin – a contrasting story of market operation
As the two largest cryptocurrencies by market cap, it is natural for analysts and observers to take a second look at Ethereum and Bitcoin. While both digital assets have made some gains, with Bitcoin up 1.90% and Ethereum up 2.59%, they still paint contrasting stories.
$ Ethereum It is moving according to plan but BTC has been underperforming from the last few weeks.
As momentum gains, it appears poised to break above the $2,800 resistance area and begin a parabolic move toward my $4,000 target.
It is time for ETH to overtake BTC. pic.twitter.com/4mK8DVMd2c
— General Cryptography 🦄 (@DaCryptogenral) October 29, 2024
As the top cryptocurrency, Bitcoin led the recent market rally, surpassing the psychological level of $70,000 and reaching $72,459.92. Last Tuesday, Bitcoin tested the $73,000 level again, and analysts expect it to hit another all-time high soon.
In contrast, Ethereum’s performance was slow, and did not live up to expectations. While Ethereum joined other coins in a small rally this week, its current price of $2,687 is still far from analysts’ target of $4,000.
ETH’s latest run – what analysts are saying
The contrasting prices and key milestones of each of the top cryptocurrencies have attracted some attention. For most analysts, Bitcoin’s recent price performance confirms its position as the current top digital asset. Ethereum’s struggle to reach the elusive $4,000 level has been criticized by some traders and analysts, with many stating that Solana is now “the next Ethereum.”
ETH is not dying.#Ether / #Bitcoin He does what he always does.
I think ETH/BTC will bottom this quarter and rise in 2025.
Once ETH/BTC crosses the 50D SMA, the bottom is in IMO.
There is still a risk as the ETH/USD price drops again in November/December but hedging makes sense pic.twitter.com/xAbg8Szi3N
– Benjamin Quinn (@intocryptoverse) October 30, 2024
However, a few analysts are still defending Ethereum and predicting a blockchain recovery soon. Benjamin Quinn, founder and CEO of ITC, took to Twitter/X to say that the Ethereum blockchain is “not dying.” In the same post, he shared that he expects ETH/BTC to bottom this quarter and rally next year.
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ETFs also show a similar story
In addition to market prices, the spot ETF market reflects the overall strength of Bitcoin and the recent struggles that Ethereum has faced. According to recent data, Bitcoin ETFs attracted $870.1 million, compared to Ethereum ETFs of $7.6 million.
While many are excited about Bitcoin’s next price move, some are interested in ETH. Ethereum is now on analysts’ radar, and they are investigating whether ETH can benefit from the same market factors that are driving Bitcoin higher.
Featured image from Pexels, chart from TradingView
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