Bitcoin [BTC] witnessed a price decline that pushed its price below $30,000. However, the downtrend was short-lived as BTC’s price again crossed the $30,000 mark. At press time, it was trading at $30,015.14 with a market capitalization of over $580 billion.

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While BTC recovered, the same was not true with the second largest crypto, Ethereum [ETH]. Its price was down by over 2% in the last 24 hours. However, the scenario might soon change, as hinted by a recent CryptoQuant analysis.

Battle of the royals

CryptoQuant posted an analysis on 11 April highlighting quite a few factors that suggested the possibility of ETH outperforming BTC in the coming days. 

For instance, the analysis mentioned that the relative spot demand for ETH increased recently due to a decrease in BTC spot trading volume. This was a development in the king of altcoins’ favor.

Furthermore, the futures markets pointed towards a possible turn toward ETH, with open interest and trading volume possibly bottoming out. 

The derivatives market’s interest in Go to Source to See Full Article
Author: Dipayan Mitra

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