- Ethereum saw significant outflows this week, while Bitcoin ETFs experienced strong inflows, highlighting market divergence.
- Ethereum’s current price is $2,605.78, with 65% of holders profiting, despite recent struggles to break the 0.046 BTC resistance level.
- Ethereum Could Reach $3,217.86 by 2024 as predicted by some analysts
Michael van de Poppe, a cryptocurrency analyst, has predicted that Ethereum could reach $3,217.86 by the end of 2024. This indicates a bright future for the cryptocurrency.
According to his analysis on X of current market trends and Ethereum’s performance, the cryptocurrency is expected to see rapid growth. Despite the ongoing market fluctuations and difficulties the cryptocurrency faces, van de Poppe is confident that Ethereum can meet this goal.
Bitcoin ETF Inflows Highlight Market Divergence
Consequently, the difference between Bitcoin’s ETF inflows and Ethereum’s outflows highlights a widening gap in market sentiment. The market dominance of Bitcoin has been highlighted by this trend.
Furthermore, Ethereum’s performance has been scrutinized more, with many doubting its capacity to match Bitcoin. Ethereum is currently trading at $2,605.78, with a 24-hour volume of $13,188,403,770. In the past day, the cryptocurrency’s market capitalization has decreased by 0.16%, to $313,446,293,868. Its widespread market presence is reflected in the 120,288,941 ETH coins that are still in circulation.
Ethereum’s Struggles Amid Market Trends
However, despite its recent setbacks, cryptocurrency analysts have noted that Ethereum’s recent market behavior suggests a possible altcoin season. TraderSteve, a well-known cryptocurrency analyst, pointed out that Ethereum has not yet hit a new all-time high.
Moreover, he also noted that Ethereum has not taken full advantage of the current market conditions, in contrast to Bitcoin. As a result, there is talk that an altcoin boom is on the horizon. Ethereum’s market outlook is further complicated by its strong positive price correlation of 0.95 with Bitcoin.
Ownership Concentration and Market Speculation
Therefore, since a large portion of Ethereum’s supply is held by a small number of holders, the market dynamics are further complicated. These investors currently hold 52% of Ethereum’s supply, demonstrating their considerable market power.
Furthermore, new data showed that 31% of Ethereum holders are currently losing money, while 65% of holders are currently making money at the current price. This ownership concentration implies that big investors are well-positioned in the Ethereum market. Additionally, over the previous week, Ethereum transactions exceeding $100,000 totaled $22.86 billion, with exchange net outflows of $153.32 million.
