Ethereum Outshines Bitcoin Amid BlackRock Spot ETF Buzz; Dogecoin In The Red — Analyst Says Dips 'Likely to Happen,' Urges Investors To Use Them For Entries

Major cryptocurrencies were seen trading mixed on Thursday evening with Ethereum (ETH) stealing the spotlight from Bitcoin (BTC) in terms of gains as BlackRock Inc's filing for a spot Ether ETF garnered investor attention.

Ethereum was trading significantly above the $2,000 mark at $2,110.40 at the time of publishing — for the day it rose nearly 11% outpacing Bitcoin's 2.1% gains in the period. Bitcoin was seen at $36,695.88.

BlackRock's spot ETH ETF is poised to be benchmarked against the CME CF Ether-Dollar Reference Rate — New York variant (ETHUSD_RR), according to Benzinga's previous report. The ETHUSD_RR is a daily benchmark that consolidates trading information from various Ether-USD markets managed by prominent cryptocurrency exchanges.

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Macro Developments: Meanwhile, Federal Reserve Chair Jerome Powell said in remarks, at a conference hosted by International Monetary Fund, that the U.S. central bank is not yet confident that it has achieved a sufficiently restrictive monetary stance. He said that "head fakes" in inflation could still take place and require a flexible approach. 

The remarks by Powell were perceived as hawkish by market participants, according to a Benzinga report.

Powell's remarks led to stocks and bonds taking a tumble, while the dollar rallied. On Thursday, the Nasdaq ended 0.9% lower at 13,521.45, while the S&P 500 declined 0.8% to 4,347.35.

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Analyst Takes: Cryptocurrency trader Michaël van de Poppe told his followers on X, formerly Twitter, that Bitcoin reaching a timeframe resistance at $38,000 and Ethereum Spot ETF filing from BlackRock were both "news items which call for a temporary top and liquidation of the long positions."

"Dips are likely to happen, make sure to use those dips for entries," wrote Van de Poppe.

On the altcoin front, Santiment — a market intelligence platform — noted on X that some altcoins "continue to pump" while others are slowing down. 

"Pay close attention to where whale transaction spikes are happening," said Santiment while sharing that high-value transactions were observed in Dogelon Mars (ELON), Polygon  (MATIC) and WOO Network (WOO).

Photo by SvetlanaParnikova on Shutterstock

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