BTC vs. ETH: Which cryptocurrency will bring a knife to this gunfight?

ambcrypto.com:

Bitcoin [BTC] witnessed a price decline that pushed its price below $30,000. However, the downtrend was short-lived as BTC’s price again crossed the $30,000 mark. At press time, it was trading at $30,015.14 with a market capitalization of over $580 billion.

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While BTC recovered, the same was not true with the second largest crypto, Ethereum [ETH]. Its price was down by over 2% in the last 24 hours. However, the scenario might soon change, as hinted by a recent CryptoQuant analysis.

CryptoQuant posted an analysis on 11 April highlighting quite a few factors that suggested the possibility of ETH outperforming BTC in the coming days. 

For instance, the analysis mentioned that the relative spot demand for ETH increased recently due to a decrease in BTC spot trading volume. This was a development in the king of altcoins’ favor.

Source: CryptoQuant

Furthermore, the futures markets pointed towards a possible turn toward ETH, with open interest and trading volume possibly bottoming out. 

The derivatives market’s interest in ETH could be driven by the upcoming Shanghai update, which will happen on 12 April, allowing stakers to collect their locked rewards.

Wenry, an author and analyst at CryptoQuant, also posted another analysis, which raised some concerns about BTC ’s future. According to the analysis, the ratio of spot trading volume to derivatives has been declining sharply since 26 March. 

The ratio played a vital role in BTC’s pump during Q1. Therefore, a decline in it increases the possibility of ETH outperforming BTC in the near term.

Source: CrytpoQuant

Looking at metrics of both cryptocurrencies simultaneously revealed that BTC still had an edge over ETH