Last week, Ethereum showcased significantly better growth compared to Bitcoin, as highlighted in the latest analytics report by Bybit and Block Scholes. Ethereum's outperformance is linked to increased open interest and regulatory environment changes.
Bybit and Block Scholes Report
In a joint report by Bybit, the world's second-largest crypto exchange, and Block Scholes, it was noted that Ethereum outperformed Bitcoin over the past week. Open interest for Ethereum perpetual swaps continued to rise steadily, whereas interest in Bitcoin slowed after the price retreated from recent highs.
Ethereum's Edge Over Bitcoin
According to market data provided by crypto.news, Ethereum's price rose by more than 8% over the past week, compared to Bitcoin's 1.6% price decline. This growth is linked to news of the upcoming resignation of U.S. Securities and Exchange Commission Chair Gary Gensler, which investors believe could result in more favorable policies for cryptocurrencies.
Future Expectations in the Crypto Market
The report also highlights optimistic investor sentiment, with many expecting changes in the SEC's leadership in January 2025 that could positively impact the crypto market. As a result, Ethereum reached a level of $3682 last week, while Bitcoin fell from its record highs to $90911.
Analysts note that the cryptocurrency market is showing optimistic sentiment, which could influence future trends and prices. Ethereum continues to attract investor attention and show increased interest in options, further confirming its market-leading position.
