Bitcoin To Ether Switching Happening Amid “Bear Market PTSD”

Bitcoin is losing its appeal as a crypto market.BTCEtherETH“A crypto analyst said that investors may not be aware of this because they are afraid of market crashes in the past.

“The markets aren’t entirely Bitcoin focused; as a matter of fact, it is shifting toward Ethereum,” said MN Trading Capital founder Michaël van de Poppe in a market update on Wednesday. 

Van de Poppe quoted recent documents by popular Bitcoin blockchain analyst Willy Woo who claimed that the cryptomarket is in a state “Ethereum.”

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“I like the statement,” van de Poppe said it, agreeing. But he added that it is likely the first phases of this transition are not noticed. “everybody is still stuck in the fact that the markets are bad.”

“The first signs of that is that we are currently seeing that the returns of Ethereum are better.”

“The reason for the fact we are seeing an Ethereum shift, or an Ethereum market is that the macroeconomic tables are shifting as the dollar is becoming weaker and the business cycle starts to go up,” “He said” 

Ether has risen 71% in the last year since its low point of $1.472 reached in April. according CoinMarketCap Data 

It is down by 48% compared to its all-time peak of $4,878 in November 2021. Van de Poppe said:

“In recent months, we are finally getting into better shape, but everybody is still stuck in the bear market PTSD.”

The ETH/BTC rate is at 0.024 and has been up 0.33% for the past thirty days, but down by 32.32% in six months. according TradingView is a source of data. Crypto analyst “Crypto Fella” told This is their 82.100 X fans “most important chart to look at.”

“We need to see some strength before we can see the big reversal,” Crypto Fella said. 

Crypto analyst Ted says that Ether’s price is following Bitcoin in the cycle between 2017 and 2021.

“The real parabolic move will start once ETH breaks $4,000,” Ted said.

Spot Ether (ETFs) showing positive momentum

The recent performance of Ether ETF (exchange-traded Fund) is more encouraging.

Recently, US-based Ether ETFs recorded their highest ever performance. longest-ever inflow streak Inflows totaling $1.37 Billion in 19 days. according Farside Data represents approximately 35% total inflows from their launch on July 20, 2024.

Other indicators indicate that the market is still very Bitcoin dominant. CoinMarketCap’s Altcoin season Index — which measures whether altcoins are outperforming Bitcoin based on 90-day performance — currently signals it’s still firmly “Bitcoin Season,” With a score of 23 out 100. 

On May 10, there were signs that the market was about to flip. The index reached 43 after Ether recovered 42% from $1.811 in May 7 up to $2.582 in May 10.

Ether’s performance is crucial to the altcoin market.

Van de Poppe stated that Ether must deliver a stronger and sustained performance in order for the altcoins season, which has been long overdue to return.

“If we want to have an altseason that we all are craving for, well, we want to get out of our positions at breakeven or perhaps even make money, then we need Ethereum to do better, then we need Ethereum to show strength,” van de Poppe said.

“The markets are becoming way more complex,” He added.

Related: Staked Ethereum hits 35M ETH high as liquid supply declines

Cointelegraph reported that on Friday, Ether Futures Premium briefly became bearish, as ETH plunged by 15% to $2440, wiping $277. million in leveraged long positions over two days. 

By Sunday the premium on futures had returned to the neutral threshold of 5%, indicating that traders were regaining their confidence in the support level at $2,400.

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This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.