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Tuesday, June 25, 2024

Ethereum (ETH) Outperformed Bitcoin (BTC) During ETF Approval Week (Market Watch)

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Bitcoin has calmed at around $43,000 after the recent volatility propelled by the US Securities and Exchange Commission and the launch of 11 spot ETFs.

On a weekly scale, though, BTC is in the red, unlike most cryptocurrencies, such as ETH, which has soared by double digits.

BTC Down on ETF Approval Week

After years and years of delaying and rejecting countless applications, the US securities regulator finally greenlighted spot Bitcoin ETFs on Wednesday, and the products reached the markets a day later.

The whole development didn’t go without a few downturns, including a hack and a controversial statement by the SEC’s chair, Gary Gensler. This resulted in enhanced volatility for the underlying asset, which soared to over $49,000 on Thursday after the ETFs went live and slumped by more than seven grand in the next 36 hours.

The weekend has been a lot less eventful. BTC recovered some of the losses and has remained in a tighter range of around $43,000 for the past two days or so. Nevertheless, the asset is down by more than 2% weekly, which means that its market cap has slipped to $840 billion.

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Its dominance over the altcoins has been reduced to under 50%. The metric has shed more than 3% in the past week or so, as it was way above 53%.

BTCUSD. Source: TradingView

ETH Outperforms

While BTC has declined during the week it saw multiple ETFs approved, Ethereum has gone in the other direction, perhaps fueled by hype that it will also have exchange-traded products launching at some point. ETH has risen by more than 13% on a weekly scale and currently trades above $2,500.

Tron and Chainlink have posted similar gains on a weekly scale. Polkadot, Avalanche, Solana, Polygon, Litecoin, and Dogecoin follow suit. In fact, BNB is the only top 10 alt with a minor daily decline.

The total crypto market cap is up by $40 billion since last Sunday but down by more than $80 billion since the peak on Thursday.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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