Bitcoin (BTC) briefly surged past $70,000 to hit a new all-time high late last night, but quickly plummeted. At the same time, Ethereum (ETH) briefly broke through $4,000, reaching its highest point since December 2021. Analysts suggest that Bitcoin is consolidating at its current level, while Ethereum’s short-term performance is relatively better than Bitcoin’s, with expectations that ETH could surpass $10,000 this year.
Summary:
– Ethereum briefly surged past $4,000, reaching a two-year high.
– Analysts believe that Bitcoin is consolidating at its current level, while Ethereum is outperforming in the short term.
– Institutions are expected to increase their positions in Ethereum.
– Bitwise analyst predicts that ETH could surpass $10,000 this year.
In the late night of March 8th, Taiwan time, Bitcoin (BTC) briefly surpassed the $70,000 mark, reaching a new all-time high, but quickly dropped to a low of $66,063, a decline of over 5.6%. At the time of writing, it rebounded to $68,163, a 1.9% increase in the past 24 hours.
Source: OKX Exchange
At the same time, Ethereum (ETH) briefly reached a high of $4,003, breaking through the $4,000 mark for the first time since December 2021. Similar to Bitcoin’s trend, ETH quickly dropped by nearly 5% to $3,828. At the time of writing, it was reported at $3,928, with a 0.5% increase in the past 24 hours. There is still a 19.5% gap from the historical high of $4,878 in November 2021.
Source: Trading View
Analysts believe that Ethereum has outperformed Bitcoin in the past week, with a 14.31% increase compared to Bitcoin’s 9.37% in the past week. Chris Newhouse, a DeFi analyst at Cumberland Labs, commented on the trends of the two major cryptocurrencies.
It is worth mentioning that the recent surge in Ethereum is attributed to optimistic expectations of the approval of Ethereum spot ETF and the upcoming Dencun upgrade on March 13th. Siddharth Lalwani, Co-founder and CEO of Range Protocol, stated that institutional investors may further increase their positions in Ethereum as the focus on Bitcoin’s recent all-time high diminishes.
Juan Leon, a cryptocurrency research analyst at Bitwise, also expressed optimism about the future price of Ethereum, suggesting that it could reach $10,000 or higher by 2024. However, the approval of Ethereum spot ETF in May is not as clear as Bitcoin spot ETF earlier this year, but the possibility of approval brings excitement to Ethereum. The analyst believes that the chances of approval are 50%-60%, and even if it doesn’t happen in May, it will eventually be approved.
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