Ether fettered by fate of spot ETF proposals
Cryptocurrency ether is struggling to keep pace with soaring big brother bitcoin.
The no. 2 cryptocurrency, which commands less than a fifth of the $2.7 trillion crypto market, has not done poorly. But ether is up just around 53% in the first three months of this year, compared with bitcoin's 65%.
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Even a recent technical upgrade of the Ethereum blockchain, which is used to build applications, barely made a splash beyond the circle of crypto enthusiasts, in contrast to the excitement ahead of bitcoin's «halving» next month, a technical change designed to slow the coin's supply.
In a typical case of markets selling the fact, ether dropped 12% after the underlying blockchain's Dencun upgrade on March 13 aimed at lowering transaction fees on its ecosystem.
«Ethereum is persistently dogged by its lack of name recognition among non-endemic investors,» said Joseph Edwards, head of research at London crypto firm Enigma Securities.
«There's a lot more economic activity on it compared to 2020… but it reaching all-time highs will likely come fairly late.»
Much depends on whether the U.S.
