Over the past week Ethereum outperformed Bitcoin and regained some market share. CoinShares analyst Luke Nolan said this in an interview with The Block.
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“Over the last week ETH outperformed the leading cryptocurrency by about 4.55%,” he said.
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However, Nolan noted that a closer look at the ETH/BTC trading pair shows that Ethereum’s recent rise is more of a technical bounce than a sign of broader interest in the coin.
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The ratio of the two largest digital assets recently fell to its June 2022 low.
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The zkLink co-founder Vins Yang described the upcoming Cancun upgrade, along with advances in blockchain technology and the ecosystem itself, as factors driving interest in Ethereum.
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“Demand and the price of ETH will rise at some point, which is likely to defeat Bitcoin, which has no real use case in business other than preserving value and processing transactions,” Yang said.
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According to CoinShares, Bitcoin’s dominance index last week peaked at 54.4% and is currently 52.7%.
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According to Nolan, the fact that digital gold remains near its year-to-date high of $34,700–$35,000 suggests \”good health for altcoins amid a stagnant Bitcoin.\”
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“There is some spillover of bullish sentiment in the market, and the uptrend may continue. Unfortunately, we cannot yet call the growth sustainable, as macroeconomic conditions affect the market in the long run,” said Ruslan Lienha, head of markets at YouHodler.
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As noted, on the evening of November 7 the price of the first cryptocurrency jumped to $35 888 and settled above $35,000.
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Earlier, Matrixport experts warned that Bitcoin shorts would be hit by a \”Santa Claus squeeze.\” The coin tends to rise on average by about 23% in the pre-Christmas period of November and December, researchers say.