- Demand for Ethereum (ETH) from institutional investors, surge after the Shanghai Hardfork.
- Ethereum (ETH) soars past $2,000, as it attempts to outperform Bitcoin, it’s longest standing rival.
Although Bitcoin is the leading crypto by market cap, many crypto proponents hold space for the possibility of other altcoins potentially outperforming Bitcoin. In terms of prices, Bitcoin is significantly higher than any crypto in value, but when other metrics are taken into consideration, Bitcoin has fallen behind repeatedly.
This time, as the market begins to clear up losses, key players are focusing their gaze on Ethereum, the second most valued asset behind Bitcoin. More particularly, institutional players, most notable for having a major impact on the crypto market, seem to be betting big on Ethereum (ETH).
In a recent interview, institutional crypto investors made clear where they stand with the altcoin. Annabelle Huang who currently serves as the managing partner crypto lender Amber Group, reveals where the market is headed with Ethereum. According to the managing partner, the demand for Ethereum, after the option for staking had recently been re-enabled, has skyrocketed significantly.
Speaking to leading media outlet Bloomberg, Annabelle Huang is quoted saying:
We’re already seeing more institutional demand when it comes to Ethereum now that they can stake, unstake, more instant liquidity.
There might still be a storm ahead for Ethereum (ETH)
However, it is worth noting that the road ahead might not be entirely smooth for Ethereum (ETH). “Personally, I don’t think we are out of the woods yet,” Huang remarked, signaling that many other factors could still influence Ethereum’s Performance in the long term.
On the other hand, it appears that Ethereum is yet to meet the expectations of other market players. According to the Crypto fund manager Digital Asset Capital Management, despite allowing stakers to access their rewards and initial capital, no major impact has been recorded in the market. The Crypto Fund Manager went on to explain that it will keep an eye out on the selling and withdrawal data. The Crypto fund manager added:
We will be watching both withdrawal and selling data closely on-chain to see if there is resulting sell-pressure.
All of the market assertations come at a time Ethereum (ETH) zoomed past the $2,000 price level. This was after the asset soared by more than 10% in the last 24 hours. Within the last 7-days, Ethereum (ETH) has managed to secure gains of more than 14%, despite many of its counterparts struggling to leave the red zone.
Ethereum’s impressive price performance goes on to suggest that the asset is attempting to unseat Bitcoin, its closest competitor. In the last 7-days, Bitcoin has only garnered 10% in gains. Even more notable, is the fact that Bitcoin has soared by 80% since the start of 2023. Ethereum on the other hand, is right around the corner with nearly 77% worth of gains.
