Ethereum price begins to outperform Bitcoin. Cointelegraph explains why.
) started the year strongly but began tapering off in mid-March. However, the altcoin began picking momentum in mid-May amid anticipation of the approval ofThere are three main reasons why ETH has been outperforming BTC throughout the past several days, including a growth in network activity and increased excitement surrounding the launch of spot Ethereum ETFs.and other top layer-1 tokens.
The ETH/BTC ratio began ascending on May 17, reaching a two-week high of $0.05854 on May 23, a 31% increase.From a technical point of view, the ETH/BTC weekly chart showed a bullish divergence from the relative strength index suggesting that a “trend reversal had started,” as observed by trader and founder of MN Trading Michaël van de Poppe This ratio is considered bullish as long as the ratio remains above 0.051.in a May 31 post on X, adding that the ETH/BTC ratio will hit 0.
Besides strengthening on-chain metrics, the likelihood of Ethereum ETFs making their market debut soon is adding to ETH’s bullish momentum and increasing strength against Bitcoin. Bloomberg Senior ETF analyst Eric Balchunas believes these investment products have a “legit possibility” of launching by late June after BlackRock updated a key filing necessary for launch.Blachunas said that another round of filings to “fine tune” SEC comments is likely, but an “end of June launch a legit possibility.” However, he kept his approval odds for around July 4, adding that an earlier approval would be a “long shot.
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