Glassnode: Ethereum Emerges as the Top Gainer in the Market Following ETF Approval

Ethereum’s Superior Performance Against Bitcoin and Altcoins

A recent report from on-chain analytics firm Glassnode highlights the recent performance of Bitcoin, Ethereum, and altcoins in relation to each other. Despite the struggles faced by Bitcoin since the introduction of spot ETFs, Ethereum has emerged as a winner in the cryptocurrency sector.

The Rise of Ethereum’s Dominance

Since BlackRock filed for its ETF last year, the overall cryptocurrency market has experienced a net increase. Bitcoin’s market cap dominance has risen, especially after the FTX collapse in November 2022. However, Ethereum’s dominance has remained relatively stable during this period. Instead, altcoins and stablecoins have lost dominance to Bitcoin.

The Emergence of ETH Spot ETFs

Following the approval of Bitcoin ETFs earlier this month, there has been a new narrative in the sector with the introduction of ETH spot ETFs. Although obtaining approval for an ETH-based ETF may be more challenging due to regulatory considerations, the markets have expressed optimism.

Ethereum’s Increased Dominance Against Bitcoin

Data shows that Ethereum’s dominance against Bitcoin has increased by approximately 2.9% since the approval of Bitcoin spot ETFs by the US SEC.

Ethereum Outperforming Altcoins

While altcoins have also seen growth in this period, they have not been able to keep up with Ethereum’s performance. Ethereum has generally outperformed altcoins, earning a 4.2% increase in global dominance.

Current ETH Price

As of now, Ethereum is trading at around $2,230, experiencing a 1% increase in the last 24 hours.

Hot Take: Ethereum Leads the Way in the Post-ETF Market

Ethereum has emerged as a clear winner in the cryptocurrency sector following the introduction of spot ETFs. Its dominance against Bitcoin has increased, and it has outperformed altcoins. With the introduction of ETH spot ETFs, Ethereum’s position in the market is expected to strengthen further. Despite Bitcoin’s struggles, Ethereum continues to show resilience and potential for growth.