Crypto market interest is slowly moving from Bitcoin to Ether, but most investors are unlikely to notice this due to fear of past market downturns, a crypto analyst says.
“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 cited recent documents from popular Bitcoin (BTC) onchain analyst Willy Woo, who argued that the crypto market is entering a state of “Ethereum.”
Crypto investors are stuck in a “markets are bad” mindset
“I like the statement,” van de Poppe said, agreeing with it. However, he said the first stages of this shift are probably going unnoticed as “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.
At the time of publication, Ether (ETH) is up 71% since reaching its April year-to-date low of $1,472, according to CoinMarketCap data.
Ether is down 1.54% over the past 30 days. Source: CoinMarketCap
However, it is still down 48% from its November 2021 all-time high of $4,878. 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 ratio is up 0.33% over the past 30 days but still down 32.32% over the past six months, at 0.024, according to TradingView data. Crypto analyst “Crypto Fella” told their 82,100 X followers this is the “most important chart to look at.”
“We need to see some strength before we can see the big reversal,” Crypto Fella said.
Meanwhile, crypto analyst Ted said Ether is following Bitcoin’s pattern during the 2017-2021 cycle.
“The real parabolic move will start once ETH breaks $4,000,” Ted said.
Spot Ether ETFs showing promising momentum
However, the recent performance of the Ether…
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