Ethereum Gains Ground as Bitcoin Interest Slowly Fades in the Crypto Market

The crypto market is quietly making a shift, slowly moving away from Bitcoin (BTC) and leaning more towards Ether (ETH). While most investors are probably still stuck in the bear market mindset, there's no denying that the tables are turning, according to crypto analyst Michaël van de Poppe.

“I like the statement,” said van de Poppe, referencing recent commentary by Bitcoin on-chain analyst Willy Woo. Woo believes the crypto market is entering an "Ethereum era." But, of course, no one seems to have noticed. As van de Poppe puts it, "Everybody’s still stuck thinking the markets are bad."

The Shift You Might Not Notice Yet

The proof? Ethereum's returns are currently outperforming Bitcoin’s. Who would've thought? As the dollar weakens and the business cycle swings upward, the conditions are ripe for Ethereum to shine. In fact, Ether has surged 71% since hitting its low of $1,472 in April. However, let’s keep it real, it's still down 48% from its November 2021 peak of $4,878.

So why are people still stuck in the "bear market PTSD"? Good question! But van de Poppe isn't worried; he’s confident things are looking better, even if the broader market isn't paying attention yet.

Ethereum’s Slow Rise Could Lead to Altcoin Season

Van de Poppe mentions the ETH/BTC ratio has increased by 0.33% in the past 30 days. But let’s be honest, it’s still down 32.32% over the last six months. For those of us who’ve been waiting for the altcoin season to hit, the tension is real. Crypto Fella, who’s followed by over 82,000 X followers, calls the ETH/BTC chart "the most important chart to look at" right now. But there’s no denying we need some serious strength before we can witness a full reversal.

Crypto analyst Ted also added a bit of fuel to the fire, suggesting that Ethereum is following the same pattern Bitcoin did from 2017-2021. Ted thinks the real parabolic move for Ethereum will begin once it breaks $4,000. Well, we’re all waiting, aren’t we?

Spot Ether ETFs Are Ready to Spark Action

Here’s the fun part—Ethereum ETFs are gaining some serious traction. US-based spot Ether ETFs recently broke a record with their longest-ever inflow streak—19 consecutive days, with $1.37 billion in inflows. Now that’s some serious momentum! These inflows represent about 35% of total Ether ETF inflows since their July 2024 launch.

Still, we can't get too carried away. The Altcoin Season Index on CoinMarketCap is signaling that it's still “Bitcoin Season,” with a measly 23 out of 100 score. But we did see a potential flip earlier this year when Ether’s price bounced 42% from $1,811 to $2,582 in early May. Interesting, right?

Ethereum Needs to Deliver for Altcoin Season to Happen

Van de Poppe is clear: If we want to see the altcoin season return in full swing, Ethereum needs to show consistent strength.

"If we want to have an altseason that we all are craving for, we need Ethereum to do better," he said. "The markets are becoming way more complex."

And he’s not wrong; if Ethereum wants to steal the show, it needs to step up its game.

So, what’s next? Ethereum’s performance is the key to whether we’ll see the altcoin season we’ve been waiting for, or if Bitcoin will continue to reign supreme. Fingers crossed, it’s the former!

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