Ether is set to overtake Bitcoin: Bybit.
Ether (ETH) continues to outperform Bitcoin (BTC) in the cryptocurrency space and emerging markets following the November 5 United States presidential election, according to a Dec. 2 report by crypto exchange Bybit.
In November, Ether “gained significant traction on BTC as reflected by sharp drops in the ratio between spot prices,” Bybit said in its November 2024 “Variable Review,” co-created by market researcher Block Scholes.
The growing demand for ETH options is also “pointed out.[t]Raiders are loving ETH,” Bybit said in a statement.
Ether's performance accelerated after US Securities and Exchange Commission Chairman Gary Gensler announced his plans to step down on November 21.
Since then”[t]The latest action continues. “
Source: CoinStats
Related: SEC Chairman Gary Gensler to step down
Is altseason here?
Bibit said that ETH's loading dominance is “very clear in place”, according to TradingView, with the ratio of ETH to BTC rising to over 0.04 from 0.0325 on November 21st.
Felix Hartman, founder of Hartman Capital, believes the pivot from BTC to ETH is a sign that Wall Street has “officially joined the fun” on the “alt rotation.”
In the year Bitcoin funds saw an outflow of $457 million in the week of Nov. 26 — the first significant outflow since September — while ETH funds saw an inflow of $634 million over the same period, according to CoinShares' Dec. 2 weekly digital asset fund flow report.
Overall, Bitcoin's crypto market dominance has declined from more than 58% on November 21 to less than 52% on December 6, according to CoinStats.
Source: Bibit
Waiting for flexibility
Meanwhile, as Bibit reports, traders are scrambling to maximize ETH's volatility.
In November, options markets “showed an increase in ETH volatility. [that] It shows more demand for the ETH alternative than BTC,” Bybit said.
“[W]It should be emphasized that this is not an unusual displacement, but rather the couple's return to normal programming, Baybit added.
“ETH has moved with higher correlations than BTC for almost its entire history.”
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