{"id":525843,"date":"2023-04-06T09:50:17","date_gmt":"2023-04-06T09:50:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=525843"},"modified":"2023-04-06T08:35:14","modified_gmt":"2023-04-06T08:35:14","slug":"ethereum-stretches-gains-versus-bitcoin-adds-10-ahead-of-shanghai","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-stretches-gains-versus-bitcoin-adds-10-ahead-of-shanghai\/","title":{"rendered":"Ethereum Stretches Gains Versus Bitcoin, Adds 10% Ahead Of Shanghai"},"content":{"rendered":"

Trading at around $1,900, Ethereum is one of the top-performing cryptocurrencies, only trailing Dogecoin, CoinMarketCap data on April 6\u00a0<\/span>shows<\/span><\/a>.<\/span><\/p>\n

Ethereum Outperforming Bitcoin<\/span><\/strong><\/h2>\n

When writing, Ethereum is also relatively firm against Bitcoin. While liquid and remains the most valuable digital asset, BTC has been consolidating below $29,000.
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Ethereum is up roughly 1% against BTC in the last trading day. However, from the candlestick arrangement in the daily chart, the coin is up approximately 10% versus Bitcoin from March 2023 lows.<\/span><\/p>\n

Related Reading: Ethereum Hits Multi-Month High, But $2,000 Price Point Remains Crucial<\/a><\/div>\n

Looking at the ETHBTC formation, it is evident that ETH buyers are in the driving seat. However, Bitcoin was firmer in the first three months of 2023, adding about 20% against ETH.\u00a0<\/span><\/p>\n

\"ETHBTC<\/a>
ETHBTC Price Chart On April 6| Source: ETHBTC On Binance, TradingView<\/a><\/figcaption><\/figure>\n

By the time Q1 2023 ended, Bitcoin had managed to reverse the losses it had posted against ETH in the second half of 2022. From September 2022 to March 2023, BTC gained 30% against ETH, forcing prices back to important reaction points defined in the second half of 2022.<\/span><\/p>\n

Bitcoin Is King But Trails ETH Ahead Of Shanghai<\/span><\/strong><\/h2>\n

There were several factors behind this Ethereum upswing, outpacing Bitcoin.<\/span><\/p>\n

Although Bitcoin and Ethereum are two of the most liquid cryptocurrencies, BTC’s first-mover advantage and regulatory clarity make an option for some institutions. From a regulatory standpoint, Bitcoin also has support from United States Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Both agencies have clarified that Bitcoin is a commodity.
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Also, institutions are accumulating BTC. MicroStrategy, whose shares are listed on NASDAQ, is one of the largest BTC holders and continues to accumulate, recently purchasing more coins. <\/span><\/p>\n

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MicroStrategy has acquired an additional 1,045 #bitcoin<\/a> for ~ $29.3M at an average price of $28,016 per bitcoin. As of 4\/4\/2023 @MicroStrategy<\/a> holds 140,000 bitcoin acquired for ~$4.17 billion at an average price of $29,803 per bitcoin. $MSTR<\/a> https:\/\/t.co\/IBufTxalnv<\/a><\/p>\n

— Michael Saylor\u26a1\ufe0f (@saylor) April 5, 2023<\/a><\/p><\/blockquote>\n