A distinguished cryptocurrency analyst has asserted that Ethereum is set to eclipse Bitcoin in the immediate future.
Foreseeing a burgeoning value for Ethereum vis-à-vis Bitcoin, one analyst anticipates a near-term ascendancy.
This prognostication emanates from Joshua Lim, the co-founder of Arbelos Markets, who attributes this trajectory to the anticipated magnetism of spot ETF trading in luring heightened investor interest.
Ethereum Poised to Surpass Bitcoin
Per Lim’s analysis, the ETH/BTC rate, presently at 0.056, is projected to sustain its ascending trajectory, potentially attaining 0.06. This prediction follows a steady ascent from a multi-month nadir of 0.045 observed in mid-May.
The augmentation in ETH’s value aligns with the unexpected sanctioning of eight spot Ethereum ETFs by the US Securities and Exchange Commission (SEC) the preceding week. Contrary to Bitcoin ETFs, which commence trading post-approval, ETH ETFs may experience a latency of several weeks or even months before activation.
Lim postulates that the ETH market is enduring a protracted phase of re-evaluation and price recalibration. “I posit that ETH has languished as an underowned asset for an extended period, thereby undergoing an extensive revaluation rotation,” he remarked.
The endorsement of ETH ETFs appears to reverberate across other substantial market cap assets. Lim observed an uptick in venerable proof-of-work coins, suggesting that the market is beginning to factor in the escalating probability of ETFs encompassing a broader array of crypto assets.