Bitcoin Outperforms Ether By Breaking $17.8K

Top analyst claims Bitcoin and Ethereum will surge following last week’s downfall
Bitcoin outperforms ether

Futures interest and spot volumes spiked Bitcoin’s price outperforming Ether this month. Bitcoin has crossed its 50-day and 10-day moving averages by trading $17,688 at 21:00 UTC.

Bitcoin’s outperformance of Ether continued after hitting highs on Tuesday since 2018. The oldest cryptocurrency was at its highest since Dec 19, 2017, when the price/BTC range was $16,862-$18,984.

The news of another coronavirus vaccine spiked markets and Bitcoin continued its high with positive fundamentals. Bitcoin was gaining before this vaccine news and it is institutional-driven so the rally of 2017 was different, said Jason Lau, COO, OKCoin.

According to Skew, data aggregator, Bitcoin futures interest on CME, institutional investor, is hitting record highs around $976 million on Tuesday.

Behind Bitcoin’s raging bull and Ether’s downfall, there is capital allocation skills and sophistication, noted Denis Vinokourov, Research head, Bequant. Bitcoin has become parabolic with retailers, institutions, Wall Street, and Main Street coming in. It is similar to 2017 but now the market has the backing of real fundamentals, noted Guy Hirsch, Managing Director,eToro.

Spot volumes for USD/BTC exchanges are booming around a daily volume of $1.1 billion. Other than major platforms, retail investors are also going for PayPal which can help the price reach new records.


As mom and pop investors are coming into PayPal, the surge of Bitcoin will continue and break old records, said Hirsch.

U.S.D is slumping and is down to 0.25% on Tuesday and will be in the doldrums against a set of fiat currencies. People are fearful of the devaluation of the dollar and will look for newer investment vehicles, stated Ilia Maksimenka, CEO, PlasmaPay.

Ether Lagging Behind Bitcoin (November)

Ether, being the 2nd largest cryptocurrency in terms of market capitalization traded around $482, climbing by 4.5% in the last 24 hours. Bitcoin’s performance in terms of price overtook Ether in press time in November. Bitcoin was up by 28% against Ether’s 24%. However, Ether is up by 270% against Bitcoin’s 146% in 2020. Brian Mosoff, CEO, Ether Capital noted that there is the advantage of name recognition in favor of Bitcoin. For traditional investors, it is the largest brand in the cryptocurrency market. That said, both Ether and Bitcoin will trade well in the near future, Ether’s programmable flexibility gains an advantage over Bitcoin’s blockchain and it is an improved technicality. Ether has the most diverse and largest circle of developers working there.

Other Markets

CoinDesk 20 digital assets are green on Tuesday with the winners being either classic(+9.6%),cardano(ADA +6%) and xrp(XRP +6%).

The loser being the orchid (OXT -0.70%).

Among the equities, Nikkei 225 by getting boosted by the gains of Mitsubishi Industries(Heavy) which increased by 7%, was in the green(0.42%).FTSE 100 dropped by 0.87% due to investor concerns regarding Moderna’s claim and the global economy.S&P 500 dropped by 0.60% due to Amazon’s announcement regarding online pharmacy.

In the category of commodities, Oil dropped by 0.13% with price/barrel being $41.39.Gold finished red around 0.35% and around $1,881.

In the category of Treasurys, the yield of the 10-year Treasury Bond dipped to 0.872. It finished in red, at 4%.