Ethereum Climbs While Bitcoin Falls After Record Surge—Here’s Why
The post Ethereum Climbs While Bitcoin Falls After Record Surge—Here’s Why appeared on BitcoinEthereumNews.com. In brief Ethereum is trading up, while Bitcoin is edging lower on Tuesday. Ethereum was recently trading at $3,128, up 20% over the last week as it benefited from several tailwinds. Sizable purchases from ETH treasury companies and regulatory optimism may be helping Ethereum, an analyst told Decrypt. Bitcoin smashed its $120,000 target earlier this week, filling Ethereum holders with a familiar envy as BTC hit multiple new all-time high marks. But on Tuesday, the two largest cryptocurrencies by market value reversed paths, with ETH gaining and BTC sinking. Ethereum was recently trading at $3,128, up 4% over the past 24 hours (and 20% on the week), while Bitcoin was changing hands 1.9% lower on the day—at one point dropping below $117,000 for the first time in five days, according to data provider CoinGecko. For ETH, the upturn continued recent momentum that carried the token to its highest level in five months. “After two years of underperformance, ETH is gaining traction again,” Greg Magadini, director of derivatives at Amberdata, told Decrypt. Bitcoin has risen nearly 300% over the past two years, while Ethereum has jumped a more modest 60% over the same period—and is down almost 8% year-to-date. The reversal occurred as several publicly traded companies added Ethereum to their balance sheets this week and a rash of ETH-based investment products appeared poised to hit the market. Magadini also noted that Ethereum shrugged off a blow to the digital asset industry’s aggressive policy agenda on Tuesday when the U.S. House of Representatives failed to pass a measure that would enable lawmakers to vote on three major crypto bills. “Today’s news is hitting BTC harder than ETH due to crypto-specific trades holding up ETH,” he said. Ethereum investors have also grown increasingly optimistic on the likelihood that the U.S. Securities…
The post Ethereum Climbs While Bitcoin Falls After Record Surge—Here’s Why appeared on BitcoinEthereumNews.com.
In brief Ethereum is trading up, while Bitcoin is edging lower on Tuesday. Ethereum was recently trading at $3,128, up 20% over the last week as it benefited from several tailwinds. Sizable purchases from ETH treasury companies and regulatory optimism may be helping Ethereum, an analyst told Decrypt. Bitcoin smashed its $120,000 target earlier this week, filling Ethereum holders with a familiar envy as BTC hit multiple new all-time high marks. But on Tuesday, the two largest cryptocurrencies by market value reversed paths, with ETH gaining and BTC sinking. Ethereum was recently trading at $3,128, up 4% over the past 24 hours (and 20% on the week), while Bitcoin was changing hands 1.9% lower on the day—at one point dropping below $117,000 for the first time in five days, according to data provider CoinGecko. For ETH, the upturn continued recent momentum that carried the token to its highest level in five months. “After two years of underperformance, ETH is gaining traction again,” Greg Magadini, director of derivatives at Amberdata, told Decrypt. Bitcoin has risen nearly 300% over the past two years, while Ethereum has jumped a more modest 60% over the same period—and is down almost 8% year-to-date. The reversal occurred as several publicly traded companies added Ethereum to their balance sheets this week and a rash of ETH-based investment products appeared poised to hit the market. Magadini also noted that Ethereum shrugged off a blow to the digital asset industry’s aggressive policy agenda on Tuesday when the U.S. House of Representatives failed to pass a measure that would enable lawmakers to vote on three major crypto bills. “Today’s news is hitting BTC harder than ETH due to crypto-specific trades holding up ETH,” he said. Ethereum investors have also grown increasingly optimistic on the likelihood that the U.S. Securities…
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