The Ethereum (ETH) market has closely followed the path of Bitcoin this year, although their returns have differed. However, recent developments suggest that Ethereum’s performance could surpass that of Bitcoin in the latter half of the year, thanks to a boost in the altcoin market and a decline in Bitcoin’s dominance.
Despite its similarities to Bitcoin, Ethereum’s price has fallen behind in the latest breakout. Nonetheless, there are indications that Ethereum is poised for a significant rally in the coming months, as its price surged approximately 3 percent in the past 24 hours to trade around $1,965 during the early New York market on Monday.
Whales Bet Big on Ethereum
According to market aggregate data provided by Amberdata, Ethereum traders are making substantial bets on a continued rally in the second half of the year. In particular, one prominent investor purchased around 63,350 bull call spreads tied to ether, averaging at $1,900 with a strike price of approximately $2,500.
“For Ethereum to highlight call spreads $1,900-$2,500 in December for around $10M of net premium paid: MASSIVE,” said Greg Magadini, director of derivatives at Amberdata.
What makes this situation even more interesting is the belief among crypto analysts that Ethereum’s price could catch up to Bitcoin’s during the latter half of the year. This conviction is based on the recent surge driven by institutional investors’ adoption.
“During the mid-June 223 lows, we got a buy signal when ether traded at $1,700. Now at $1,920, prices have rallied, but we think the chance for an explosive move higher has arrived,” said Matrixport’s head of research and strategy, Markus Thielen. He stated, “Ether could catch up with Bitcoin.”
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