Economist Predicts Shift from Bitcoin to Ethereum
Economist Alex Krüger suggests that investor interest may soon move from Bitcoin to Ethereum. According to Krüger, Bitcoin has reached its peak and Ethereum will begin to outperform it. He points to the recent false report about the approval of a spot market ETF by the SEC as an indication of how the crypto market would respond to actual approval. Krüger believes that Ethereum has reached a market bottom and could rally further with the potential approval of a spot market ETF for Ethereum. He highlights factors such as a narrative shift, upcoming events, and market sentiment as indicators of an ETH/BTC bottom.
Bitcoin Trading at $45,783
At the time of writing, Bitcoin is trading at $45,783, experiencing a slight increase in the past 24 hours.
Longing Bitcoin Proven Profitable
Krüger notes that longing Bitcoin prior to the spot market BTC ETF approval turned out to be a winning strategy. He emphasizes that going long and ignoring the noise was all one had to do to make easy money with the Bitcoin ETF trade.
Possible Price Volatility Ahead
Although the dip in the crypto market earlier this week reduced the impact of a sell-the-news event for a spot Bitcoin ETF approval, Krüger warns that high open interest in Bitcoin futures on CME could still lead to price volatility.
Hot Take: Ethereum Poised for Takeover?
Economist Alex Krüger predicts that Ethereum will surpass Bitcoin in performance, citing factors such as a potential shift towards an ETH ETF and upcoming events. While Bitcoin has reached its peak, Krüger believes Ethereum has hit a market bottom and could rally further. Although the recent false report about a spot market ETF approval affected Bitcoin, Krüger suggests that the approval of an Ethereum ETF could act as a catalyst for an ETH rally. However, he notes that high open interest in Bitcoin futures on CME may still contribute to price volatility.
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