Bitcoin's performance in the first quarter far exceeded that of Ethereum, will Ethereum make up for it?
Original source: BitpushNews
bitcoin
first level title
Ethereum Outperforms Bitcoin in Bull Markets, Underperforms in Bear Markets
bitcoin
first level title
Banking Crisis Strengthens BTC Narrative
Expectations for a policy shift by the Fed grew earlier this month after three U.S. banks collapsed and the central bank launched an emergency funding program to stem a panic in the banking sector. U.S. stocks and crypto markets were boosted by investors speculating that central banks led by the Federal Reserve will abandon aggressive interest rate hikes in response to recession signals.
Bitui terminal data shows that since the outbreak of the Silicon Valley Bank incident on March 8, BTC has been outperforming ETH, which shows that BTC is still the preferred safe-haven asset for investors. Compared with other tokens, Bitcoin is a A better diversification vehicle.
As the number one altcoin, Ethereum has an entirely different value proposition than Bitcoin. Bitcoin is a purely decentralized monetary system that doubles as a store of value. While Ethereum has more and more use cases beyond being a currency: digital collectibles, prediction markets, metaverse communities, and blockchain games, many members of the crypto community believe that the market value of Ethereum will eventually surpass that of Bitcoin.
first level title
Will Ethereum come back?
Crypto trader KALEO (@CryptoKaleo) is currently taking a bearish stance on ETH/BTC, believing that ETH/BTC will continue to fall in the next few days. According to KALEO analysis, BTC rebounded from the March 10 low of $19,528 to the $22,000 level and hit the 1.6 Fibonacci retracement level in March 2022, while ETH failed to achieve a similar level. peak. Next, $32,000 to $33,000 is an important level for Bitcoin to break through if it continues to rise.
The "Exchange Reserve" indicator measures the total amount of tokens currently stored in all centralized exchange wallets. One of the main reasons why investors move their holdings to exchanges is for sale purposes, so this indicator is rising. It may mean that investors are reducing their holdings.
bitcoin
However, the speed of inflow is different. The inflow of BTC is fast. The total number of BTC inflows into trading platforms in this wave of rallies exceeds the amount of outflows at the trough, while the inflow of ETH is relatively flat, far from the level before the recent lows. Analysts believe that this may indicate that Ethereum has not yet faced the same intensity of selling pressure as Bitcoin, and that even after the BTC rally ends, ETH is still expected to continue its strong rise.
Original link
