As spot Bitcoin exchange-traded funds currently dominate the crypto narrative and market sentiment, Ethereum is being left behind. However, if the BTC fund is approved, these stories could quickly switch to the world's second-largest digital asset.
The hype surrounding the Spot Bitcoin ETF has sent the cryptocurrency market soaring to a 21-month high of $1.8 trillion in total capitalization. As expected, Bitcoin is leading the way, with some altcoins posting double-digit gains, but Ethereum is not.
Ethereum is extremely underrated
January 9th, virtual currency investor “DCInvestor” Said His 235,000 X followers believe Ethereum “will outperform and retain more value than most assets after this cycle.”
“In my opinion, it's very undervalued at this point.”
This argument is based on the premise that after Bitcoin ETFs are approved and billions of dollars flow into them, Ethereum will be the next logical asset for spot ETPs.
he Added Since Ethereum already has a futures-based ETF, a spot fund will likely be approved in the U.S. next.
“that [ETH] “Silver to Bitcoin gold” moves harder and faster in a crypto bull market. ”
Read more: How to buy Ethereum (ETH) and everything you need to know
Crypto YouTuber “Crypto Rover” echoed Feelings for his 635,000 X followers. “The Ethereum Spot ETF is going to be the next big story,” he said, before adding:
“Once the Bitcoin Spot ETF is accepted, things will calm down and the next hype will move to ETH.”
The analyst said there is little attention to Ethereum due to the current Solana pump. SOL price has increased 360% in the past 90 days, while the underperforming ETH has only managed 48% in the same period.
Cryptocurrency trader RamenPanda made a similar statement, stating that funds will soon flow into the Ethereum ecosystem. He said the Ethereum ETF will appear after the Bitcoin ETF is approved. Added.
Last week, Bloomberg ETF analyst James Seifert said the SEC approved Ethereum futures and the CFTC classified ETH as a commodity. “I think a potential Ethereum ETF could be approved again this year,” the analyst noted.
ETH price outlook
Ethereum price rose 3.6% on the day and is trading at just over $2,300 at the time of writing.
However, the asset has remained range-bound since early December, hovering between $2,150 and $2,400.
Meanwhile, alternative layer 1 tokens such as SOL and AVAX gained 13% and 11% respectively on the day.
Other altcoins currently outperforming ETH include Cardano (ADA), Polkadot (DOT), Polygon (MATIC), and Internet Computer (ICP).
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