The crypto market shows an increasing interest in Ethereum amidst general market pessimism. Analysts note a shift in focus from Bitcoin to Ethereum due to changes in the macroeconomic environment.
Change in Interest towards Ethereum
Crypto market analyst Michaël van de Poppe stated that investor interest is gradually shifting from Bitcoin to Ethereum. He referenced analyst Willy Woo, who argues that the crypto market is entering an 'Ethereum' phase.
Current Market Situation
At the time of publication, Ethereum has risen by 71% since April, but it is still 48% below its record high from November 2021. Van de Poppe noted that 'the early signs of this shift may go unnoticed as many are still experiencing 'post-traumatic stress' from the bear market.'
Altcoin Prospects
For an altcoin season to occur, Ethereum must demonstrate stronger and more sustained performance. Van de Poppe emphasized that 'if we want an altcoin season, we need Ethereum to show strength and better performance.'
The analysis indicates that the shift in investor interest towards Ethereum could mark the beginning of a new phase in the crypto market. Steady performance from Ethereum may continue to impact the standing of altcoins.
