Bitcoin (BTC) and Ethereum (ETH) have been demonstrating strong performance recently, with BTC hitting a new peak. Despite ongoing scrutiny, both leading cryptocurrencies have their sights set on new milestones – $100k for BTC and $4k for ETH.
But which digital asset shows more potential?
Bitcoin Holds the Edge!
Bitcoin reached an all-time high in November 2024, whereas ETH’s peak was during the 2021 bull market. Despite anticipation surrounding the ETH 2.0 upgrade, BTC has continued to outshine ETH. Nevertheless, ETH is on course to reach its ATH in the near future.
Following BTC’s recent ATH, a larger percentage of BTC investors were in profit compared to ETH investors. According to IntoTheBlock’s data, 98% of Bitcoin addresses were “in the money,” while the figure was 88% for ETH addresses.
Another area where Bitcoin had a noticeable advantage was its market dominance. BTC’s dominance, although slightly reduced, remained significantly higher than that of ETH, standing at over 56% compared to ETH’s 12.8%.
Key Performance Indicators…
Moving ahead, both cryptocurrencies faced challenges. For instance, Bitcoin’s NVT ratio rose, indicating overvaluation, a trend also observed with ETH. This could potentially result in short-term pullbacks for both.
However, a positive indicator for BTC was the decline in its exchange balance, a trend opposite to ETH’s increasing exchange balance.
Despite rising selling pressure on ETH, there is a possibility of a significant correction leading the altcoin to its support level around $3.38. On the contrary, BTC’s increasing buying pressure pushed it above $96k, signaling a potential rally towards $100k and a new all-time high.
Hope remains for ETH investors as a bullish market could pave the way for ETH to outperform BTC in 2025, potentially leading to higher profits for ETH investors.
Bitcoin ETFs vs Ethereum ETFs
When evaluating both cryptocurrencies, it is essential to consider their respective ETFs, which have been a major topic of discussion in 2024.
Remarkably, both BTC and ETH ETFs saw significant inflows during their price surges, with Bitcoin ETFs surpassing $1.3 billion on November 7th, while Ethereum ETFs reached a record $295 million on November 11th.
Although BTC and ETH serve different purposes, they both boast substantial market capitalizations. Only time can reveal which cryptocurrency will emerge superior in terms of market value or profitability.