{"id":562358,"date":"2023-11-24T21:00:17","date_gmt":"2023-11-24T21:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=562358"},"modified":"2023-11-24T18:31:00","modified_gmt":"2023-11-24T18:31:00","slug":"ethereum-outperforms-bitcoin-altcoin-season-on","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-outperforms-bitcoin-altcoin-season-on\/","title":{"rendered":"Ethereum Outperforms Bitcoin: Is The Altcoin Season Officially On?"},"content":{"rendered":"

Ethereum (ETH) continues to absorb Bitcoin (BTC) selling pressure in November, looking at price action when writing on November 24. In the daily chart, ETH bulls have the upper hand, adding roughly 9% versus BTC from October lows.\u00a0<\/span><\/p>\n

Ethereum Outperforms Bitcoin In November<\/span><\/h2>\n

ETH buyers are firm, with price action still confined inside the conspicuous bullish engulfing bar of November 9. Despite bears forcing prices lower in the second week of November, the failure of BTC bulls to reverse all losses suggests that ETH buyers are still in command. <\/span><\/p>\n

If anything, prices may rise in the days ahead, reversing losses of the better part of 2022 when Bitcoin, buoyed by a crash in the altcoin scene, forced capital to the world’s most valuable currency.\u00a0<\/span><\/p>\n

\"Ethereum<\/a>
Ethereum price price trending upward versus Bitcoin on the daily chart | Source: ETHBTC on Binance, TradingView<\/a><\/figcaption><\/figure>\n

With Ethereum being resilient, reading from its performance in the ETH\/BTC chart, hints suggest that the altcoin season could be in the early stages. Should that be the case, it will be a reprieve for ETH and other altcoins, including Cardano (ADA<\/a>).\u00a0<\/span><\/p>\n

Related Reading: Will Recent Binance Events Trigger This Historical Bitcoin Bull Run Signal?<\/a><\/div>\n

Following the dip in 2022, most altcoins capitulated, with most falling by over 80% from 2021 peaks as the crypto winter progressed, freezing gains. The situation took a turn south in 2023 when regulators continued with their enforcement actions against CeFi facilitators, mostly exchanges like Binance and Coinbase. <\/span><\/p>\n

Their decision negatively impacted liquidity, as evidenced in other trending altcoins like Solana (SOL). <\/span>ETH remains relatively firm at spot rates versus BTC, extending gains in late November. This could indicate that demand is beginning to pivot toward altcoins, with ETH, the most liquid of them all, leading the way. <\/span><\/p>\n

Since other altcoins have relatively thinner liquidity, they tend to recover faster but generally align with ETH. If the ETH revival is sustained, reading from the candlestick arrangement in the daily chart, the leg up might also be accelerated by several macro tailwinds.<\/span><\/p>\n

BlackRock Applies For Spot Ethereum ETF, Will ETH Reach $26,800?<\/span><\/h2>\n

In November, BlackRock, one of the world’s largest asset managers, filed for a spot Ethereum ETF. It comes when the broader crypto market expects the Securities and Exchange Commission (SEC) to approve the first spot Bitcoin ETF in the country. This application signals that BlackRock is confident about Ethereum’s investment products.\u00a0<\/span><\/p>\n

Related Reading: Market Watch: These 5 Altcoins Are Poised For Breakouts, Says Crypto Expert<\/a><\/div>\n

Additionally, the on-chain analytics platform, Token Terminal, recently issued<\/a> a bold report forecasting ETH to reach $36,800 by 2030. Token Terminal expects Ethereum to process over $14 trillion of the finance industry’s value in the next seven years. <\/span><\/p>\n

Ethereum would likely dominate at this pace, driven by sharp growth in decentralized finance (DeFi) and other crypto sub-sectors.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum (ETH) continues to absorb Bitcoin (BTC) selling pressure in November, looking at price action when writing on November 24. In the daily chart, ETH bulls have the upper hand, adding roughly 9% versus BTC from October lows.\u00a0 Ethereum Outperforms Bitcoin In November ETH buyers are firm, with price action still confined inside the conspicuous bullish engulfing bar of November 9. Despite bears forcing prices lower in the second week of November, the failure of BTC bulls to reverse all losses suggests that ETH buyers are still in command. If anything, prices may rise in the days ahead, reversing losses of the better part of 2022 when Bitcoin, buoyed by a crash in the altcoin scene, forced capital to the world’s most valuable currency.\u00a0 With Ethereum being resilient, reading from its performance in the ETH\/BTC chart, hints suggest that the altcoin season could be in the early stages. Should that be the case, it will be a reprieve for ETH and other altcoins, including Cardano (ADA).\u00a0 Related Reading: Will Recent Binance Events Trigger This Historical Bitcoin Bull Run Signal? Following the dip in 2022, most altcoins capitulated, with most falling by over 80% from 2021 peaks as the crypto winter progressed, freezing gains. The situation took a turn south in 2023 when regulators continued with their enforcement actions against CeFi facilitators, mostly exchanges like Binance and Coinbase. Their decision negatively impacted liquidity, as evidenced in other trending altcoins like Solana (SOL). ETH remains relatively firm at spot rates versus BTC, extending gains in late November. This could indicate that demand is beginning to pivot toward altcoins, with ETH, the most liquid of them all, leading the way. Since other altcoins have relatively thinner liquidity, they tend to recover faster but generally align with ETH. If the ETH revival is sustained, reading from the candlestick arrangement in the daily chart, the leg up might also be accelerated by several macro tailwinds. BlackRock Applies For Spot Ethereum ETF, Will ETH Reach $26,800? In November, BlackRock, one of the world’s largest asset managers, filed for a spot Ethereum ETF. It comes when the broader crypto market expects the Securities and Exchange Commission (SEC) to approve the first spot Bitcoin ETF in the country. This application signals that BlackRock is confident about Ethereum’s investment products.\u00a0 Related Reading: Market Watch: These 5 Altcoins Are Poised For Breakouts, Says Crypto Expert Additionally, the on-chain analytics platform, Token Terminal, recently issued a bold report forecasting ETH to reach $36,800 by 2030. Token Terminal expects Ethereum to process over $14 trillion of the finance industry’s value in the next seven years. Ethereum would likely dominate at this pace, driven by sharp growth in decentralized finance (DeFi) and other crypto sub-sectors. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":555446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,679,7720,8323,65296,1946,6931,78803,3799,90435],"class_list":["post-562358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-bitcoin-price","tag-blackrock","tag-eth","tag-ethbtc","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-sec","tag-token-terminal"],"acf":[],"yoast_head":"\nEthereum Outperforms Bitcoin: Is The Altcoin Season Officially On?<\/title>\n<meta name=\"description\" content=\"Ethereum is up 9% versus Bitcoin from October lows. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Outperforms Bitcoin: Is The Altcoin Season Officially On?","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-outperforms-bitcoin-altcoin-season-on\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-outperforms-bitcoin-altcoin-season-on\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-947893644.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-947893644.jpg?fit=1254%2C837"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","blackrock","eth","ethbtc","ethereum","ethereum price","ethusdt","sec","token terminal"],"dateCreated":"2023-11-24T21:00:17Z","datePublished":"2023-11-24T21:00:17Z","dateModified":"2023-11-24T21:00:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Outperforms Bitcoin: Is The Altcoin Season Officially On?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-outperforms-bitcoin-altcoin-season-on\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-outperforms-bitcoin-altcoin-season-on\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-947893644.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-947893644.jpg?fit=1254%2C837\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"blackrock\",\"eth\",\"ethbtc\",\"ethereum\",\"ethereum price\",\"ethusdt\",\"sec\",\"token terminal\"],\"dateCreated\":\"2023-11-24T21:00:17Z\",\"datePublished\":\"2023-11-24T21:00:17Z\",\"dateModified\":\"2023-11-24T21:00:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-947893644.jpg?fit=1254%2C837","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562358"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=562358"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/555446"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=562358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=562358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=562358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}