Bitcoin (BTC) Price Likely to Hit New ATH in 2024: Report

CCData suggests that largest cryptocurrency is likely to reach new cycle peak

) began tapering off in mid-March. While ETH picked up momentum in mid-May amid anticipation of the approval of spot Ethereum ETFs in the United States, it has underperformed Bitcoin (CRYPTO: BTC) throughout the year.

The ETH/BTC ratio serves as a gauge of the overall profitability of investors, tracking the divergence between the Market Cap and the Realized Cap and describing the average unrealized profit or loss held by the market. This ratio has stubbornly traded near 3-year lows.

According to a recent report by Digital Coin News, this performance indicates that investors are still valuing BTC higher than ETH and would rather put their money in the pioneer cryptocurrency than in Ether.

However, the publication argues that although ETH has mirrored BTC's performance throughout the year, the market has “under-appreciated Ether’s potential.”

“We believe the market underestimates the ETH ETF effect and forecast that US ETH ETFs will absorb 1% of the circulating ETH supply,” the report adds.

On the other hand, high futures trading volumes indicate high investor confidence and enthusiasm, which could lead to more buying and higher prices.

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