Ethereum Gains On Bitcoin Following Fed Rate Cut: Altseason Soon?
2024年9月25日 - 10:00PM
NEWSBTC
Ethereum (ETH) price has outshined Bitcoin (BTC) over the last week
since the US Federal Reserve (Fed) slashed interest rate by 50
basis points (bps) on September 18, 2024. Ethereum Gains On
Bitcoin, Prelude To Altseason? Ethereum has had an impressive last
few days as far as its price action is concerned. ETH has surged by
16% to $2,666 since the Fed cut rates for the first time in four
years. BTC has risen by 9% in the same period, trading at $63,643
at press time. Related Reading: Ethereum Poised For A Comeback
Following Interest Rate Cut: Steno Research The ETH/BTC trading
pair has surged from 0.0385 on September 18, to 0.0420 on September
23, indicating an increase of almost 9%. Notably, the ETH/BTC
trading pair is a crucial trading pair observed by crypto analysts
to gauge market sentiments toward altcoins relative to BTC.
When ETH and other altcoins gain value against BTC, it suggests
increased investor interest in altcoins, potentially signaling the
beginning of an “altseason.” Conversely, when BTC outperforms ETH,
it may indicate a shift back to Bitcoin dominance. It’s worth
highlighting that the Ethereum futures funding rate has turned
positive since the interest rate cut, standing at 0.0058% according
to data from cryptocurrency futures trading and information
platform CoinGlass. For the uninitiated, a positive funding rate
implies that traders holding long positions – in this case, long
ETH – are paying short positions, reflecting bullish market
sentiments. The change in funding rate suggests greater optimism
regarding ETH’s future price, likely driven by increased demand and
confidence following the rate cut. That said, investors should be
cautious of sharp movements in funding rates, as this could lead to
market corrections amidst excessive optimism or due to any changes
in external factors. Ethereum Faces Stiff Competition From
Other Blockchains Throughout 2024, Ethereum has faced criticism for
its lackluster performance relative to its competitors. Even major
developments, like the US Securities and Exchange Commission’s
(SEC) approval of ETH exchange-traded funds (ETFs) failed to propel
the second-largest cryptocurrency by market cap
significantly. In contrast, competing smart contract
platforms like Solana (SOL), Binance Coin (BNB), and Tron (TRX)
have made impressive strides not only in terms of price
appreciation but also regarding the development of ecosystem
infrastructure. Related Reading: Tron-Based SUN Token Skyrockets
197% As SunPump’s Momentum Continues For instance, the Solana
ecosystem witnessed many developments at Singapore’s
recently concluded Solana Breakpoint 2024 event. Among other
announcements, Franklin Templeton unveiled its plans to launch a
mutual fund on Solana. Similarly, all eyes are on the release
of former Binance CEO Changpeng Zhao from prison on September 29,
2024. Crypto analysts predict that Zhao’s release could spark
bullish momentum for Binance’s native token BNB, which has shown
incredible resilience despite the exchange’s former CEO being
imprisoned on money laundering charges. With the rising adoption of
Ethereum layer-2 solutions offering high scalability with minimal
transaction costs, expect the smart contract space to become
increasingly competitive. ETH trades at $2,660 at press time, up
3.3% in the last 24 hours. Featured image from Unsplash, Charts
from Tradingview.com
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