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DOGEUSD Dogecoin

0.19358
-0.00041 (-0.21%)
17:58:12 - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
Dogecoin DOGEUSD Crypto 27,668,239,526 Scrypt
  Price Change Price Change % Current Price Bid Price Offer
  -0.00041 -0.21% 0.19358 0.19355 0.19361
High Price Low Price Open Price Prev. Close 52 Week Range
0.20138 0.18947 0.195275 0.19399 0.055475 - 0.228990
Exchange Last Trade Size Trade Price Currency
GDAX 17:58:11 48.70 0.19358 USD
Price x Volume Volume Base Symbol Related Pairs
82,033,197.24 418,614,804.49 DOGE DOGEEUR DOGEGBP DOGEBTC

Ethereum Outperforms Bitcoin As Institutional Investors Clamor For ETH Exposure

27/02/2024 10:45am

NEWSBTC


Reports have revealed that institutional investors are shifting their focus to Ethereum, displaying a preference compared to the largest cryptocurrency, Bitcoin. Despite Bitcoin’s recent rally to over $55,000, Ethereum’s unique features and potential developmental capabilities continue to capture institutional players’ interest.  Institutions Favor Ethereum Over Bitcoin On February 24, cryptocurrency exchange, Bybit, published a research report on its users’ asset allocation. The research examined investors’ hodling and trading behaviours, covering the period from July 2023 to January 2024. Bybit’s report also provided valuable insights into investors’ asset allocation across cryptocurrencies such as altcoins, stablecoins and meme coins, shedding light on the specific coins users are currently bullish or bearish on.   Related Reading: VeChain Ready For Blast-Off: Crypto Analyst Predicts VET Price To Rally 14,600% According to the research report, Ethereum has unexpectedly emerged as the primary cryptocurrency choice for institutional investors. The report revealed that “institutions are betting big on Ethereum,” allocating more of their funds to ETH compared to BTC.  Bybit has disclosed that the recent rise in interest in Ethereum began in September 2023, when ETH was still trading around $2,000. Subsequently, Ethereum’s market sentiment became more bullish, experiencing a surge in investor interest to about 40% by January 2024. The crypto exchange has confirmed that, as of January 31, ETH has become the single largest cryptocurrency held by institutions. Bybit’s report also revealed that institutional investors’ interest in Bitcoin began to wane following the United States Securities and Exchange Commission (SEC) approval of Spot Bitcoin ETFs on January 10, 2024. At the time, Bitcoin had experienced massive selling pressures, resulting in investors trimming their BTC holdings to favour other cryptocurrencies.  The excessive allocation of Ethereum is reportedly attributed to investors anticipating a favourable outcome from Ethereum’s upcoming Decun Upgrade, slated to launch in March 2024.  Notably, Bybit has disclosed that it is still being determined if the recent shift to Ethereum is a short-term manoeuvre or a more prolonged move. However, the approaching Bitcoin halving in April potentially adds a layer of bearish risks, as projections indicate Bitcoin’s significant rise in value to new all-time highs during the halving phase.  ETH price rises to $3,230 | Source: ETHUSD on Tradingview.com Retail Investors Think Otherwise Bybit’s research report also examines the asset allocation trend for retail investors on the cryptocurrency exchange. The report revealed that retail investors are significantly more bullish on Bitcoin than Ethereum, allocating more funds into BTC than ETH despite Ethereum’s recent surge in value.  Related Reading: Crypto Analyst Predicts Dogecoin Parabolic Breakout Above $3.5, Here’s When Over the past week, Ethereum has experienced a substantial hike in its price, jumping over 7% and outpacing Bitcoin, suggesting a potential for a more extensive upward trajectory. At the time of writing, Ethereum is trading at $3,227, reflecting a 4.05% increase in the last 24 hours, according to CoinMarketCap.  While Ethereum’s massive rally has successfully elevated the sentiment among institutional investors, retail investors remain less swayed, opting to hold onto or incorporate additional Bitcoin into their diversified portfolio of digital assets.  Featured image from Cointribune, chart from Tradingview.com

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