Ethereum, Solana, XRP, Cardano Bundle In Red Though Crypto King Ethereum Could Still Outperform Bitcoin, Says Analyst

While the crypto board is declining amid Grayscale’s offloading Bitcoin BTC/USD, a crypto analyst believed Ethereum ETH/USD 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 SOL/USD saw a 9.4% decline followed by a 6% decrease in Ethereum. Also, XRP XRP/USD and Cardano ADA/USD 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 Around 7,779 Ethereum ($18.7M) was withdrawn from Binance while 8,077 Ethereum ($19.4M) from Bitfinex.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.

Also Read: Arthur Hayes On Bitcoin: 'I Think We Break $40K,' Traders See 'Halving In 4 Months' For Next Price Upswing

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.

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.”

Altcoin Daily tweets, “Ethereum is having an infinite halving”

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