Benzinga - While the crypto board is declining amid Grayscale’s offloading Bitcoin (CRYPTO: BTC), a crypto analyst believed Ethereum (CRYPTO: ETH) could likely outperform Bitcoin.
What Happened: Until midday trade, the cryptocurrency board was drenched in red amidst Grayscale offloading Bitcoin holdings worth $2.14 billion.
Solana (CRYPTO: SOL) saw a 9.4% decline followed by a 6% decrease in Ethereum. Also, XRP (CRYPTO: XRP) and Cardano (CRYPTO: ADA) saw a 4.6% and 5.9% drop, respectively.
While Ethereum’s weekly and monthly performance do not highlight significant gains, in the past two months it reported a 13.4% surge significantly higher compared to 7% in Bitcoin gains.
Ethereum's Strengths: Ethereum is adding feathers to its cap with the Dencun upgrade hitting the network’s three testnets in early 2024. This will increase transaction speed and lower gas fees.
Cointelegraph cited Nebojsa Urosevic, co-founder of Ethereum development platform Tenderly, who believed Dencun to mostly lower rollup transaction costs by up to 10 times, depending on blob space demand.
Lookonchain data indicated whales are significantly accumulating Ethereum today totaling 26,841 Ethereum worth $64.5 million. Around 7,779 Ethereum ($18.7M) was withdrawn from Binance while 8,077 Ethereum ($19.4M) from Bitfinex. Similarly, there were many other transactions indicating withdrawals from Binance and Kraken.
Whales are accumulating $ETH today, with a total of 26,841 $ETH($64.5M).Also Read: Arthur Hayes On Bitcoin: 'I Think We Break $40K,' Traders See 'Halving In 4 Months' For Next Price Upswing0x55C1 withdrew 7,779 $ETH($18.7M) from #Binance 2 hours ago.https://t.co/k5s2t0kKec
0xDa17 and 0x278f (possibly the same person) withdrew 8,077 $ETH ($19.4M) from #Bitfinex.https://t.co/CyfU4ZMcV8… pic.twitter.com/YDJqpeTLTU
— Lookonchain (@lookonchain) January 22, 2024
Based on DefiLlama data, Ethereum’s total value locked over the past month saw a 9.1% surge to $32.3 billion.
Analyst Opinion: MN Trading CEO and founder Michaël van de Poppe believed Ethereum would outperform Bitcoin in the upcoming period.
I personally believe that #Ethereum is going to outperform #Bitcoin in the upcoming period and it has started since the ETF approval.In another tweet, he also said that while Bitcoin is in the range of accumulation, altcoins “are in stages to be bought as those 20-40% dips are a great opportunity.”Massive weekly bullish divergence created, but facing crucial resistance at 0.06 BTC.
Some more consolidation and then we're likely going up. pic.twitter.com/lBn9zj4bsO
— Michaël van de Poppe (@CryptoMichNL) January 22, 2024
Altcoin Daily tweets, “Ethereum is having an infinite halving”
Read Next: Jim Cramer Weighs In On BTC's Decline After ETF Launch: 'Nasty Beginning To The Bitcoin Selloff... And Then Almost No One Shows Up'
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