Experts from QCP Capital have published a new report on the situation on the crypto market, noting a decline in the rate of major cryptocurrencies. Investors are switching their attention from Bitcoin to Ethereum, analysts believe.
QCP Capital noted that despite the correction, Bitcoin and Ethereum retained their positions above key support levels: $95,000 for Bitcoin and $3,200 for Ethereum. At the same time, volatility in the medium term remains elevated.
“The industry expects Bitcoin to trade sideways until December, and investors are turning their attention to Ethereum. Risk reversals (the difference between the price of a put and call option at the same strike, which shows traders’ expectations about future price movement) on Ethereum are significantly biased towards near-term calls, indicating that market participants are willing to pay more for the opportunity to profit from a rise in the price of Ethereum,” the report says.
At the same time, Bitcoin call options are likely to be more in demand only from December 27, 2024, which may be caused by the upcoming influence of the new White House administration and President-elect Donald Trump on the crypto market, experts emphasized.
They say current market dynamics point to the possibility of short-term altcoin dominance unless new acquisitions by large institutional funds provide additional momentum to Bitcoin’s growth.
Earlier, analysts interviewed by The Block said that the ratio of the price of ether to the cost of bitcoin fell to a minimum last seen in March 2021. However, ether has the potential to reverse against the first cryptocurrency, the experts noted.
