Ethereum ETF to Bring Max Pain for BTC Dominance, Trader Says

Sat, 01/20/2024 - 18:13
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Top analyst and crypto commentator who goes by @hedge__x on X (formerly Twitter) is sure that Ethereum (ETH) has all chances to outshine Bitcoin (BTC) in the coming bull run.

"Max pain for Bitcoin Dominance": Trader skeptical about Bitcoin (BTC)

Bitcoin (BTC), the largest cryptocurrency, is going to set a new all-time high in this cycle. However, even over $100,000 per BTC, it will be disappointing for many Bitcoiners, @hedge__x shared on Jan. 19 on his X.

By contrast, Ethereum (ETH) has way more impressive upside potential compared to the orange coin. Among other catalysts, Ethereum (ETH) has possible ETF approval ahead. This might be an amazing catalyst for the next ETH rally.

It should be noted that Ethereum (ETH) is getting closer to EIP-4844 or Proto-Danksharding upgrade activation. It is set to change the game in L2s and make them more resource-efficient.

Ethereum Upgrade EIP 4844 Is Massive for L2s, Here's Why

As such, the analyst is positive about the potential of Total2, an indicator of cumulative cryptocurrency markets capitalization excluding Bitcoin (BTC).

The Bitcoin Dominance (BTC.D) indicator is due to go through "maximum pain," the trader concluded.

Legal status of Ether is crucial for ETH ETF approval

In January 2024, Bitcoin Dominance (BTC.D) is losing momentum. After registering a local high over 55% on Jan. 9, it lost 7.5% (4.6 points) in less than 10 days.

Ethereum ETF is one of the most anticipated events for the cryptocurrency segment in 2024. The community and experts are moderately optimistic about its potential approval.

ETH ETF Next? Seasoned VC Vance Spencer Shares His Views

However, the court processes between the U.S. SEC and crypto exchanges over illegal securities offering might affect the timeline of the ETH ETF approval.

Together with other large-cap altcoins, Ether is one of the tokens the SEC claimed to be unregistered securities.