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Crypto
Business Fortune
28 Febuary, 2024
Ether has outperformed Bitcoin with a 33% year-to-date advance, currently trading above $3,100
A recent study conducted by Bybit research reveals a notable discrepancy in sentiment between private investors and institutional investors towards Bitcoin (BTC) and Ether (ETH), respectively. While private investors exhibit a significantly more positive outlook on Bitcoin, institutional investors are found to be allocating a larger portion of their capital towards Ether, ranking it second after Bitcoin. The study, which surveyed traders holding assets in the exchange, highlights that institutions have increased their portfolio concentration in both Bitcoin and Ether to 80%, with a notable emphasis on Ether attributed to the anticipated Dencun upgrade. Retail customers, on the other hand, demonstrate a greater inclination towards cryptocurrencies but exhibit less concentration in these assets compared to institutions. Ether has outperformed Bitcoin with a 33% year-to-date advance, currently trading above $3,100. Factors contributing to Ether's success include its deflationary supply post the transition to proof-of-stake, minimal ETH reserves on exchanges, and a rise in staking activity.
Analysts Gautam Chhugani and Mahika Sapra from Bernstein cite the expansion of Ethereum's layer-2 networks, the burgeoning DeFi ecosystem, and the forthcoming Dencun update as significant catalysts for Ether's success relative to Bitcoin. Additionally, the performance of AI tokens appears to be linked to Nvidia's chip design advancements, with AI tokens witnessing a surge following the company's impressive earnings announcement. Notably, several large-cap tokens in this category, such as AGIX, have experienced substantial gains.