Ethereum’s price soared by 77% to $2,715, marking the highest point of the year following the approval of spot Bitcoin ETFs in the US. Despite recent market downturns, Ethereum has outperformed Bitcoin in several areas, according to data from blockchain analytics firm Glassnode.
Glassnode’s latest report highlights Ethereum’s superior performance against Bitcoin over three-month, monthly, and weekly periods. Analyst Alice Kohn notes a significant over 20% increase in Ethereum’s value relative to Bitcoin, in line with trends in the Ethereum derivatives market.
The firm points out that Ethereum’s performance coincides with a recovery in market dominance. Since the approval of Bitcoin ETFs, Ethereum has gained 2.9% in market value dominance over Bitcoin.
Although Ethereum’s transaction volume is 14% lower compared to the previous week, market sentiment remains positive for the altcoin king. This is evidenced by the highest level of net profit volume locked in by Ethereum investors, indicating significant changes in investor profitability.
Supporting Ethereum’s positive sentiment is the Net Unrealized Profit/Loss (NUPL) metric for short-term holders, which measures potential profit or loss based on the purchase price of the assets. NUPL has risen above 0.25 for the first time since its all-time high in November 2021, indicating increased optimism among holders.