Top cryptocurrency analyst and commentator who goes by @hedge__x on
Top cryptocurrency analyst and commentator who goes by @hedge__x on
“Maximum Pain for Bitcoin Dominance”: Trader Skeptical of Bitcoin (BTC)
Bitcoin (BTC), the largest cryptocurrency, is going to mark a new all-time high this cycle. However, even over $100,000 per BTC will be disappointing for many Bitcoiners, @hedge__x shared on January 19 on his X.
On the contrary, Ethereum (ETH) has a much more impressive upside potential compared to the orange coin. Among other catalysts, Ethereum (ETH) has a possible approval of an ETF ahead. This could be a surprising catalyst for the next ETH rally.
It should be noted that Ethereum (ETH) is getting closer to activating the EIP-4844 or Proto-Danksharding update. It is intended to change the game in L2s and make them more resource efficient.
As such, the analyst is positive about the potential of Total2, an indicator of the cumulative capitalization of cryptocurrency markets excluding Bitcoin (BTC).
The Bitcoin Dominance indicator (BTC.D) will go through “the most pain,” the trader concluded.
Ether’s legal status crucial for ETH ETF approval
In January 2024, Bitcoin Dominance (BTC.D) is losing momentum. After registering a local high of more than 55% on January 9, it lost 7.5% (4.6 points) in less than 10 days.
Ethereum ETF is one of the most anticipated events for the cryptocurrency segment in 2024. The community and experts are moderately optimistic about its potential approval.
However, lawsuits between the US SEC and crypto exchanges over illegal securities offering could impact the ETH ETF approval timeline.
Along with other large-cap altcoins, Ether is one of the tokens that the SEC claimed were unregistered securities.