Despite ETHBTC trending lower in favor of Bitcoin (BTC), there is a chance that the second most valuable cryptocurrency will recover in the months ahead. Taking to X in support of Ethereum (ETH), a crypto analyst, Mckenna, said a favorable combination of protocol-related and regulatory factors may support ETH, plugging the bleed versus BTC and sparking a refreshing rally.
Ethereum Under-performing Bitcoin: Will This Continue?
Looking at the ETHBTC weekly chart, it is evident that Bitcoin bulls have had the upper hand since August 2022. During this time, Bitcoin gained 42% versus ETH, with bulls pressing on when writing.
To illustrate, Bitcoin is at a 2022 low versus ETH and will likely extend gains once a spot Bitcoin ETF is approved by the United States Securities and Exchange Commission (SEC). The crypto community expects this authorization to cement Bitcoin’s position, possibly drawing in billions in capital.
Some analysts argue that this event could support altcoins, includ
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