Why rally in Ethereum outpacing Bitcoin?
From an early April low of $1,385.51, Ethereum has soared about 238%, far outstripping Bitcoin's 60% advance over the same period. The rally seen in Ethereum could be due to a combination of surging exchange-traded fund (ETF) inflows, optimism over recent network upgrades, and a broader 'risk-on' sentiment draws investors toward the world's second-largest cryptocurrency.
The divergence underscores how cryptocurrency markets are becoming more nuanced, with tokens increasingly responding to distinct fundamental drivers rather than moving in lockstep.
Ethereum on Thursday 11:30 IST trading at $4,729 after hitting the high of $4,784. Bitcoin hit the high of $1,24,210 on Thursday before shedding 1.7% to $1,22,125.
'The sustained outperformance suggests that institutional investors are making deliberate allocation decisions based on Ethereum's specific value propositions rather than treating all cryptocurrencies as interchangeable risk assets,' market strategists noted.
Bitcoin (BTC-USD) broke past $124,000 on Thursday to hit a fresh record, fuelled by institutional demand, ETF inflows, and expectations of looser US monetary policy. The token is up 31% year-to-date, with corporate treasuries and public companies — emulating software firm MicroStrategy's playbook — adding Bitcoin to their balance sheets.
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