Analysts from Matrixport, a cryptocurrency financial services company, recently shared their views on the comparative value of Bitcoin (BTC) and Ethereum (ETH). The following is a summary of their findings
Analysts from Matrixport, a cryptocurrency financial services company, recently shared their views on the comparative value of Bitcoin (BTC) and Ethereum (ETH). The following is a summary of their findings.
Bitcoin has recently broken through the range of $26000 to $27000. Matrixport analysts say that as long as the price remains above $27000, they will remain bullish.
However, the lack of significant progress led to a decrease in transaction volume to $11 billion, and Bitcoin prices fell by -4%. Nevertheless, analysts say that even with the launch of spot based ETH products in the United States, Bitcoin is expected to continue to attract the most attention.
On October 2, 2023, three ETFs based on Ethereum futures prices were launched. However, these ETFs had very little trading volume in the early stages.
Analysts say the main disappointing features of the Ethereum network are a lack of user activity and a lack of interest in NFT coin trading. The monthly fee charged by ETH network in September 2023 was only $92 million, the lowest level since December 2022.
Matrixport analysts say that Ethereum is no longer seen as an "ultrasonic currency" as it has once again transitioned from a deflationary asset to an inflationary asset. On the other hand, analysts say that Bitcoin can be seen as a macro hedging tool as its supply is limited to 21 million units.
Ultrasonic currency "is a phrase used by ETH maximizers to describe the superiority of ETH.
Therefore, Matrixport analysts believe that there is ample reason to be optimistic about Bitcoin. However, although counterfeit currencies have upward potential if bulls rebound, it is still difficult to determine the fundamental catalysts supporting ETH or other counterfeit currencies.
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