{"id":564107,"date":"2023-12-06T11:00:20","date_gmt":"2023-12-06T11:00:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=564107"},"modified":"2024-06-11T14:42:52","modified_gmt":"2024-06-11T14:42:52","slug":"ethereum-price-2023-breakthrough-surpassing-bitcoin-altcoin-surge-next","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-2023-breakthrough-surpassing-bitcoin-altcoin-surge-next\/","title":{"rendered":"Ethereum Price 2023 Breakthrough: Surpassing Bitcoin, Altcoin Surge Next?"},"content":{"rendered":"<p><strong>For the first time in 2023, the Ethereum price has outperformed Bitcoin across several metrics, hinting at a fundamental shift in market structure. The second cryptocurrency by market capitalization follows the general sentiment in the sector, setting new yearly highs. <\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/xrp-greed-index-soars-backed-by-robust-1-3-billion-volume-good-for-price\/\" target=\"_blank\" rel=\"noopener \">XRP Greed Index Soars, Backed By Robust $1.3 Billion Volume \u2013 Good For Price?<\/a><\/div>\n<p>As of this writing, the Ethereum price trades at $2,300 with a 4% profit in the last 24 hours. Over the previous week, the cryptocurrency recorded a 10% profit, with most of the altcoin sector still lagging the current price action.<\/p>\n<figure id=\"attachment_564123\" aria-describedby=\"caption-attachment-564123\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-564123 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-Price-ETH-ETHUSDT.png?w=860&#038;resize=860%2C410\" alt=\"Ethereum Price ETH ETHUSDT\" width=\"860\" height=\"410\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-Price-ETH-ETHUSDT.png?w=1759 1759w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-Price-ETH-ETHUSDT.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-Price-ETH-ETHUSDT.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-Price-ETH-ETHUSDT.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-Price-ETH-ETHUSDT.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-Price-ETH-ETHUSDT.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-Price-ETH-ETHUSDT.png?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-564123\" class=\"wp-caption-text\">ETH&#8217;s price trends to the upside on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>ETHUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Ethereum Price Signals Strength For Altcoin Sector?<\/h2>\n<p>A <a href=\"https:\/\/insights.deribit.com\/industry\/volatility-in-review-november-2023\/\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> from BlockScholes posted by the options platform Deribit indicates a spike in the Ethereum price volatility back to its levels above Bitcoin\u2019s. ETH&#8217;s shift in market structure hints at traders and institutions gearing up for early 2024.<\/p>\n<p>The report claims that the potential approval of a spot in the US ETH Exchange Traded Fund (ETF) is behind the current price action. This new dynamic suggests that the bullish sentiment above this event slipped from Bitcoin to Ethereum.<\/p>\n<p>As seen in the chart below, Ethereum records a higher return than Bitcoin for the first time since July 2023. The surge in returns, BlockSholes said, allowed ETH to buck a persistent downtrend, but overall, the cryptocurrency\u2019s performance remains in its yearly range.<\/p>\n<figure id=\"attachment_564121\" aria-describedby=\"caption-attachment-564121\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-564121 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-chart-2-BS.jpg?w=860&#038;resize=860%2C412\" alt=\"Ethereum price ETH ETHUSDT chart 2 BS\" width=\"860\" height=\"412\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-chart-2-BS.jpg?w=1477 1477w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-chart-2-BS.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-chart-2-BS.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-chart-2-BS.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-chart-2-BS.jpg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-chart-2-BS.jpg?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-564121\" class=\"wp-caption-text\">ETH&#8217;s price returns higher than Bitcoin&#8217;s since mid 2023. Source: BlockScholes via Deribit<\/figcaption><\/figure>\n<p>In other words, the Ethereum price is doing better than in other periods across 2023 but has yet to resume a bullish momentum concerning Bitcoin. However, the report noted:<\/p>\n<blockquote><p>This reversal is not yet strong enough for us to be confident in a return to the market structure that we had previously come to expect, but does indicate that the effects of speculative bets around the application of a spot ETF are not limited to BTC. This is echoed by the implied volatilities for both assets across the term structure, which forecast similar volatility levels for both assets.<\/p><\/blockquote>\n<h2>What Favors An Altcoin Rally<\/h2>\n<p>In addition, the report noted a decline in the US dollar as measured by the DXY Index. Risk assets can thrive as the currency trends lower, potentially hinting at a loose monetary policy by the Federal Reserve (Fed).<\/p>\n<p>If Ethereum continues gaining bullish momentum from its current levels, the entire altcoin sector could see further profits. The report indicates that most entities and traders are pricing in a \u201crisk event\u201d by the end of January 2024.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bloomberg-experts-timeline-ethereum-etf\/\" target=\"_blank\" rel=\"noopener \">Bloomberg Experts Forecast Timeline For Spot Ethereum ETF Approval<\/a><\/div>\n<p>Thus, Bitcoin and Ethereum may see a more significant rally by that time. Whichever coin prevails might reveal more information on the subsequent trend; if Ethereum outperformed, then altcoins are more likely to follow.<\/p>\n<p>Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the first time in 2023, the Ethereum price has outperformed Bitcoin across several metrics, hinting at a fundamental shift in market structure. The second cryptocurrency by market capitalization follows the general sentiment in the sector, setting new yearly highs. Related Reading: XRP Greed Index Soars, Backed By Robust $1.3 Billion Volume \u2013 Good For Price? As of this writing, the Ethereum price trades at $2,300 with a 4% profit in the last 24 hours. Over the previous week, the cryptocurrency recorded a 10% profit, with most of the altcoin sector still lagging the current price action. Ethereum Price Signals Strength For Altcoin Sector? A report from BlockScholes posted by the options platform Deribit indicates a spike in the Ethereum price volatility back to its levels above Bitcoin\u2019s. ETH&#8217;s shift in market structure hints at traders and institutions gearing up for early 2024. The report claims that the potential approval of a spot in the US ETH Exchange Traded Fund (ETF) is behind the current price action. This new dynamic suggests that the bullish sentiment above this event slipped from Bitcoin to Ethereum. As seen in the chart below, Ethereum records a higher return than Bitcoin for the first time since July 2023. The surge in returns, BlockSholes said, allowed ETH to buck a persistent downtrend, but overall, the cryptocurrency\u2019s performance remains in its yearly range. In other words, the Ethereum price is doing better than in other periods across 2023 but has yet to resume a bullish momentum concerning Bitcoin. However, the report noted: This reversal is not yet strong enough for us to be confident in a return to the market structure that we had previously come to expect, but does indicate that the effects of speculative bets around the application of a spot ETF are not limited to BTC. This is echoed by the implied volatilities for both assets across the term structure, which forecast similar volatility levels for both assets. What Favors An Altcoin Rally In addition, the report noted a decline in the US dollar as measured by the DXY Index. Risk assets can thrive as the currency trends lower, potentially hinting at a loose monetary policy by the Federal Reserve (Fed). If Ethereum continues gaining bullish momentum from its current levels, the entire altcoin sector could see further profits. The report indicates that most entities and traders are pricing in a \u201crisk event\u201d by the end of January 2024. Related Reading: Bloomberg Experts Forecast Timeline For Spot Ethereum ETF Approval Thus, Bitcoin and Ethereum may see a more significant rally by that time. Whichever coin prevails might reveal more information on the subsequent trend; if Ethereum outperformed, then altcoins are more likely to follow. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":564113,"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":[428,1119,78790,8323,89651,90804,86108,1946,6931,6653,78803],"class_list":["post-564107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-btc","tag-btcusdt","tag-eth","tag-eth-price-analysis","tag-eth-price-chart","tag-eth-price-prediction","tag-ethereum","tag-ethereum-price","tag-ethereum-price-analysis","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price 2023 Breakthrough: Surpassing Bitcoin, Altcoin Surge Next?<\/title>\n<meta name=\"description\" content=\"The Ethereum price has outperformed Bitcoin across several metrics, hinting at a fundamental shift in market 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Ethereum Price 2023 Breakthrough: Surpassing Bitcoin, Altcoin Surge Next?","description":"The Ethereum price has outperformed Bitcoin across several metrics, hinting at a fundamental shift in market structure.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-2023-breakthrough-surpassing-bitcoin-altcoin-surge-next\/","og_locale":"en_US","og_type":"article","og_title":"Ethereum Price 2023 Breakthrough: Surpassing Bitcoin, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Price 2023 Breakthrough: Surpassing Bitcoin, Altcoin Surge Next?","url":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-2023-breakthrough-surpassing-bitcoin-altcoin-surge-next\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-2023-breakthrough-surpassing-bitcoin-altcoin-surge-next\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-Bitcoin-BTC-BTCUSDT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-Bitcoin-BTC-BTCUSDT.jpg?fit=640%2C427"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt","eth","eth price analysis","eth price chart","eth price prediction","ethereum","ethereum price","ethereum price analysis","ethusdt"],"dateCreated":"2023-12-06T11:00:20Z","datePublished":"2023-12-06T11:00:20Z","dateModified":"2024-06-11T14:42:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Price 2023 Breakthrough: Surpassing Bitcoin, Altcoin Surge Next?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-price-2023-breakthrough-surpassing-bitcoin-altcoin-surge-next\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-price-2023-breakthrough-surpassing-bitcoin-altcoin-surge-next\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Ethereum-price-ETH-ETHUSDT-Bitcoin-BTC-BTCUSDT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Ethereum-price-ETH-ETHUSDT-Bitcoin-BTC-BTCUSDT.jpg?fit=640%2C427\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\",\"eth\",\"eth price analysis\",\"eth price chart\",\"eth price prediction\",\"ethereum\",\"ethereum price\",\"ethereum price analysis\",\"ethusdt\"],\"dateCreated\":\"2023-12-06T11:00:20Z\",\"datePublished\":\"2023-12-06T11:00:20Z\",\"dateModified\":\"2024-06-11T14:42:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ethereum-price-ETH-ETHUSDT-Bitcoin-BTC-BTCUSDT.jpg?fit=640%2C427","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/564107"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=564107"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/564107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/564113"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=564107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=564107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=564107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}