Ethereum (Eth) has been in the spotlight recently due to its stunning surge. At this point we saw the highest monthly returns in three years, up 56%.
Ethereum rises outweigh Bitcoin gains. According to data, Ethereum’s return reached 56% last month, but its value has exceeded 113% over the past three months.
Bitcoin reached an ATH of $123,000, but the rally remained limited. According to the data, Bitcoin’s monthly returns are above 10%, with profits remaining at around 27% over the past three months.
Cryptoquant said the increase in Etherum was due to new money inflows, not to capital inflows from Bitcoin.
Bloomberg senior ETF analyst Eric Bulknath called Ethereum “a 90s technology stock” after the recent strong ETF influx and strong profits.
At this point, Balchunas attributes ETH’s recent price performance to a net inflow into spot ETH ETFs.
Bulkunas also likened Ethereum to a new tech stock of the 90s in terms of accelerating adoption and network growth, unlike Bitcoin’s “new gold” story.
Spot Ether ETF recorded net inflows over the past 19 days this month. This is the longest winning streak in history.
“As the ETF influx surges, Ethereum looks like a ’90s tech stock, which reminds us that Altcoin ETFs are more similar to ’90s tech stocks than Bitcoin’s ‘new gold’ appeal. There are two blockchains, but they are very different operations. ”
*This is not investment advice.