Ethereum

Rally

<p>The crypto markets experienced a bullish week, but Ethereum seems to be struggling to keep up with Bitcoin’s rapid pace. While the total market capitalization increased by 5.5%, ETH failed to fully capitalize on this bullish momentum.</p>
<h2 id="h-crypto-ethereum-struggles-to-keep-up-with-the-bullish-trend">Crypto: Ethereum Struggles to Keep Up with the Bullish Trend</h2>
<p>ETH closed above $3,000 more than five days ago and has underperformed BTC by 22% since the beginning of 2024. This trend highlights the difficulty Ethereum is facing in maintaining its value against <a href="https://www.cointribune.com/en/bitcoin-is-skyrocketing-today-why/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>. Additionally, U.S. macroeconomic data seems to support the rally of some rare assets.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>As a result, the markets reacted positively to the Consumer Price Index (CPI) data, which showed a 3.4% year-on-year increase in April, in line with market expectations. Unfortunately, this indicator was not enough to boost Ethereum as it currently is with the queen of crypto.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitpanda.pxf.io/c/2801338/1295465/15871" target="_blank" rel="noopener noreferrer nofollow">Discover the Bitpanda platform</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-the-growing-uncertainty-among-investors">The Growing Uncertainty Among Investors</h2>
<p>Some crypto analysts believe that the upcoming SEC decision on May 23, 2024, regarding VanEck’s request for a spot Ethereum ETF, is a key reason for Ethereum’s inability to break the $3,000 resistance level. The uncertainty surrounding this event is leading traders to delay their investment decisions until the outcome is more certain.</p>
<p>However, despite long-term optimism regarding Ethereum’s prospects, a rejection by the SEC could lead to a short-term market correction. Eric Balchunas, Senior ETF Analyst at Bloomberg, has <a href="https://cointelegraph.com/news/sec-grounds-deny-spot-ether-etf" target="_blank" rel="noopener noreferrer nofollow">expressed doubts</a> about the approval of an Ethereum ETF in 2024, given the regulator’s cautious approach toward products that could be classified as securities, particularly those that include native staking services.</p>
<p>In conclusion, while the crypto markets have had a positive week, Ethereum still needs to prove its ability to keep up with the <a href="https://www.cointribune.com/en/the-end-of-bitcoin-in-the-united-states-the-senate-takes-action/" target="_blank" rel="noopener noreferrer nofollow">market leader</a>, Bitcoin, in this bullish race.</p>

Crypto: Bitcoin Rally Leaves Ethereum Far Behind! Why?

Table of Contents

Cointribune EN

Other articles published on May 16, 2024

Solana Surpasses $160 Mark

Swiss Authorities Set Crypto Tax Standards

SEBI vs. RBI: Diverging Views on Crypto Regulation in India

Strong XRP Support: Will It Hold? Solana (SOL) Interesting Pattern at $144, What's Next? Ethereum...

pSTAKE Finance to Launch BTC Liquid Staking in Collaboration with Babylon

Coinbase Targets Australia’s Self-Managed Superannuation Sector

Join our free newsletter for daily crypto updates!