Before the United States approved spot Bitcoin ETFs, the cost of Ethereum tickers dropped $2,212 and surged 77%, reaching a high of $2,715. However, the price of ETH has softened along with the market in the weeks that have passed. According to the most recent statistics from an on-chain company of analytics Glassnode, Ether has beaten Bitcoin tickers below $40,050 in several categories despite the present slump. The most recent “The Week Onchain” article from Glassnode emphasizes how Ethereum outperforms Bitcoin “on a weekly, monthly, and quarterly basis.”
According to Glassnode, this success aligns with a resurgence of ETH’s position as a market leader. Since the approval of the spot BTC, ETH has outperformed Bitcoin in terms of market cap domination, as seen in the figure below.
The Positive Mood In The Market Is Mirrored In Ethereum’s Net Deferred Profit/Loss Ratio
Despite Ethereum’s 14% decline in price over the past week, the market is still optimistic about the cryptocurrency. This is demonstrated by the amount of net gains that ETH investors have locked in, which has increased to a record high over many years, indicating notable shifts in investor prosperity. For token holders holding short-term positions, the NUPL statistic is arguably the most important signal bolstering Ethereum’s optimistic outlook. Using the price of the coins that investors purchased as a basis, NUPL calculates the potential gain or loss of those investors. For the inaugural time since its record-breaking high in November 2021, this indicator has gone over 0.25, suggesting that holders’ optimism is growing. Either a degree of favorable market feelings are beginning to emerge for Ethereum, or “Markets often halt to process pressure from profit-seeking distribution,” are the possible interpretations given by Kohn.
