With Bitcoin spot ETFs dominating cryptocurrency narratives and market sentiment at the moment, Ethereum is lagging behind. However, these narratives could soon turn into the world’s second largest digital asset if Bitcoin funds are approved.
Cryptocurrency markets rose to a 21-month high with a total value of $1.8 trillion driven by the spot hype of Bitcoin ETFs. Bitcoin leads them as expected, some altcoins are gaining double digits, but not Ethereum.
Ethereum is insanely undervalued
On January 9, cryptocurrency investor DCInvestor Tell His 235,000X followers said that Ethereum “will perform better and hold more value after this cycle than the vast majority of assets.”
“IMO it’s insanely undervalued right now.”
This claim comes from the premise that after Bitcoin ETFs are approved and billions of dollars flow into them, Ethereum will be the next logical asset for spot ETFs.
he He added Ethereum already has futures-based ETFs, so the spot fund will be approved next in the US.
“ETH has become the ‘silver to Bitcoin gold’ that is moving harder and faster in the crypto bull market.”
Read more: How to buy Ethereum (ETH) and everything you need to know
Crypto YouTuber “Crypto Rover” Repeat sentiment towards his 635,000 followers. “Ethereum ETF is going to be the next big combo,” he said, before adding:
“After the Bitcoin Spot ETF is accepted, things will stabilize, and the next hype will move to ETH.”
The analyst said that little attention is being paid to Ethereum due to the current Solana pump. SOL prices have pumped 360% over the past 90 days, while underperforming ETH has only managed 48% in the same period.
Cryptocurrency trader RamenPanda said the same, noting that funds will be flowing into the Ethereum ecosystem soon. The ETF will come after the approval of Bitcoin ETFs He added.
Last week, Bloomberg ETF analyst James Seyphart said that the SEC has approved Ethereum futures, and the Commodity Futures Trading Commission (CFTC) has classified Ethereum as a commodity. “I think we could see potential Ethereum ETFs approved this year as well,” the analyst noted.
ETH price forecast
Ethereum prices rose 3.6% on the day to trade above $2,300 at the time of writing.
However, the asset has been range-bound, bouncing between $2,150 and $2,400 since the beginning of December.
Meanwhile, top-tier altcoins such as SOL and AVAX pumped 13% and 11% on the day, respectively.
Other altcoins outperforming ETH today include Cardano (ADA), Polkadot (DOT), Polygon (MATIC), and Internet Computer (ICP).
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