• Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
Newsletter
Crypto Hoarding
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us
No Result
View All Result
Crypto Hoarding
No Result
View All Result
Home Ethereum

Will Ethereum Recover Stronger Than Bitcoin? Goldman Sachs Thinks So – Benzinga

Admin by Admin
May 26, 2021
in Ethereum
0
Will Ethereum Recover Stronger Than Bitcoin? Goldman Sachs Thinks So – Benzinga
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

What Happened: Ethereum’s daily trading volumes nearly doubled Bitcoin’s on Tuesday, leading market participants to wonder if new money favored the second largest crypto asset over the first.

Grayscale’s CEO Michael Sonnenshein confirmed that it wasn’t just retail traders contributing to higher Ethereum (CRYPTO: ETH) trading volumes. According to the most recent data, the notional volume for the Grayscale Ethereum Trust (OTCQX: ETHE) even surpassed volume for the Grayscale Bitcoin Trust (OTCQX:GBTC).

Meanwhile, a leaked report from Goldman Sachs pointed to a “greater number of transactions in ether vs bitcoin” as a reflection of Ethereum’s dominance.

“Given the importance of real uses in determining the store of value, ether has a high chance of overtaking bitcoin as a dominant store of value,” said the analysts in the report.

Why It Matters: While a bullish case for Ethereum is apparent, whether or not it will overtake Bitcoin during this cycle still remains to be seen, especially given that there hasn’t been any significant decoupling between the ETH and BTC.

In fact, the recent selloff may have undone any decoupling that took place over the past few months, as highlighted by Messari research analyst Mira Christanto on Twitter.

“Correlation with Bitcoin also increased dramatically over the week. All assets now have a correlation greater than 60%, with some reaching highs of 80%,” she said.

The increase in correlation would mean that for every swing in the price of Bitcoin, Ethereum would likely move in the same direction.

Price Action: At the time of writing, Bitcoin was trading at $38,502, gaining 2.3% in the past 24-hours. Meanwhile, Ethereum’s price moved up by 7.88% and was trading at $2,756.

Watch “Moon or Bust” and “Benzinga Crypto“

[embedded content]
[embedded content]

Click here, or sign up for our newsletter to explore more of Benzinga’s Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Related articles

TA: Ethereum Indicators Suggest ETH at Potentially Significant Turning Point – NewsBTC

August 17, 2022

Ethereum [ETH] short-term traders can celebrate next week if… – AMBCrypto News

August 16, 2022
Share76Tweet47

Related Posts

TA: Ethereum Indicators Suggest ETH at Potentially Significant Turning Point – NewsBTC

by Admin
August 17, 2022
0

TA: Ethereum Indicators Suggest ETH at Potentially Significant Turning Point  NewsBTC

Ethereum [ETH] short-term traders can celebrate next week if… – AMBCrypto News

by Admin
August 16, 2022
0

Ethereum short-term traders can celebrate next week if…  AMBCrypto News

Coinbase Will Pause Ethereum Transactions During “The Merge” – Bitcoinist

by Admin
August 16, 2022
0

Coinbase Will Pause Ethereum Transactions During "The Merge"  Bitcoinist

Spending $276M in Ether — Colossal Ethereum Whale That Participated in the Genesis ICO Transfers 145000 ETH – Bitcoin News – Bitcoin News

by Admin
August 15, 2022
0

Spending $276M in Ether — Colossal Ethereum Whale That Participated in the Genesis ICO Transfers 145000 ETH – Bitcoin News  Bitcoin...

Ether (ETH) Token, Bitcoin (BTC) Drop With Ethereum (ETH) Upgrade Optimism – Bloomberg

by Admin
August 15, 2022
0

Ether (ETH) Token, Bitcoin (BTC) Drop With Ethereum (ETH) Upgrade Optimism  BloombergHave Bitcoin and Ethereum Prices Bottomed Out? What Experts Say  NextAdvisorBitcoin,...

Load More
  • Trending
  • Comments
  • Latest
Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

Major Changes Coming to XRP Ledger As Ripple-Backed Startup Launches Key Amendment in Beta Testnet – The Daily Hodl

April 21, 2021

SteveWillDoIt reveals hacker stole his crypto wallet: “I lost a lot of money” – Dexerto

July 26, 2021
Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

Forte’s PTI gets financial transaction licenses for blockchain games – VentureBeat

February 11, 2022

Blockchain Use in Supply Chain Leads to Greater Benefits – The National Law Review

August 25, 2021

TA: Ethereum Indicators Suggest ETH at Potentially Significant Turning Point – NewsBTC

0

Rivals Ripple and R3 partner up | PaymentsSource – American Banker

0
Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

Ripple seeks shelter in D.C. from Libra’s political storm – American Banker

0

Litecoin Gets Bullish Speculation, at Last, as Upgrade Approaches – Coindesk

0

TA: Ethereum Indicators Suggest ETH at Potentially Significant Turning Point – NewsBTC

August 17, 2022

Google invested a whopping $1.5B into blockchain companies since September – Cointelegraph

August 16, 2022

Bankrupt Crypto Lender Celsius Gets Cash-Injection Offers, Approval to Sell Mined Bitcoin – CoinDesk

August 16, 2022

Market Wrap: Bitcoin’s Price Retraces Again, Breaks Below Trendline – CoinDesk

August 16, 2022
Crypto Hoarding

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Bitcoin
  • Blockchain
  • Cryptocurrency Hackers
  • Ethereum
  • Litecoin
  • Ripple

Newsletter

[mc4wp_form]

  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Cryptocurrency Hackers
  • Ripple
  • Litecoin
  • Contact Us

Copyright (c) 2021 - Crypto Hoarding - All Rights Reserved - web design by TechyRack