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K33 research predicts Ethereum to outperform Bitcoin after ETF launch

Spot Ether ETF is on the horizon. The expected launch date has been moved to July 8, 2024, from July 4, 2024. Speculation is that ETH could outperform BTC after the Spot ETF goes live. K33 Research published a report on July 2, 2024, which is the source of this speculation. However, the report has also mentioned that Ether could stumble immediately after the launch of its ETF.

In the report, analysts Vetle Lunde and David Zimerman have highlighted two factors. They have said that Spot Ether ETF could be the golden egg for ETH’s price, adding that the chances of outperformance emerge from the ongoing selling pressure due to Mt. Gox as the defunct platform returns $8.5 billion to creditors in repayments.

Lunde believes that ETFs are a solid catalyst and will add strength to ETH as time goes by. Lunde further wrote that the patient trader can view the ETH/BTC pair as a bargain. Moreover, analysts have maintained a bullish outlook for ETH, expecting an inflow of 0.75–1% of the circulating supply of ETH. It could happen as early as the first five months after the launch.

However, they have also acknowledged that the market stubbornly disagrees with the speculation.

It is rather convenient to believe that the market is on the right path since ETH is valued at $3,343.74 against BTC, which is at $60,484.14. The difference is wide, not just in token value but also in market cap. Bitcoin holds a dominance of over 50%, while Ethereum is way below 20%. A jump even closer to BTC would entail a surge of multiple thousand percentages.

At its best, ETH is expected to close the year at around $4,000. Approval of the ETF could help fuel the growth and possibly help surpass the mark of $5,000, but anything beyond that is a far-fetched dream. As for the ETF’s performance, it could look promising, considering the SEC is taking a cautious approach. This instills a sense of confidence among investors and traders while giving hope to other crypto ETFs.

That said, near-term ETH price predictions are bullish. The token is projected to go as high as $3,479.18 in the next 30 days. That will be a surge of 3.10% amid the volatility of 3.75% and the 14-day RSI of 45.10. It is lower in comparison to BTC, and Bitcoin is expected to breach the milestone of $80,000 pretty conveniently.

K33 Research has raised the possibility that Ethereum will outperform Bitcoin. While far-fetched, it remains within the frame, irrespective of the time it takes to do that. One of the key altcoins, Ethereum, has emerged as a formidable rival to Bitcoin. It has been meaning to overpower Bitcoin for a long time, and ETF might indeed fuel that.

Ankur Sachdev: Ankur Sachdev is driven by curiosity and extensively covers daily events in cryptocurrency and blockchain technology. You can also see him write about sports and Artificial Intelligence too. As a content writer, he aims to simplify the complexities of the industry. Keeping him grounded is the ideology of learning like a student regularly.