Bitcoin has rallied nearly 85% this year, but Ethereum (ETH) price to likely outperform BTC price in the near future. The ETH/BTC pair is putting upside pressure after declining so far this year.
After the successful Ethereum Shanghai (Shapella) upgrade on April 12, ETH price jumped 6% to move closer to the $2,000 level. Meanwhile, BTC price continues to trade above the $30,000 level, up 1% in the last 24 hours. The Ethereum Merge last year turned Ethereum price deflationary and less volatile. However, the ETH flow in the market has increased as the upgrade enabled staked ETH withdrawals.
According to Coinglass, Ethereum witnessed massive liquidation of shorts in the last two days. Over $12.50 million in shorts were liquidated on April 12 and $23.39 million on April 13. This prevented a fall in ETH prices after the Shanghai upgrade that most people anticipated.
Surprisingly, OKX and Huobi witnessed the largest ETH liquidations, with 23.19 million and 9.50 million, respectively. Binance is next with 7.89 million in liquidation after the Shanghai upgrade.
Reasons Why Ethereum May Outperform Bitcoin
Ethereum is anticipated to outperform Bitcoin in the near future and BTC price to witness less volatility.
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Firstly, the relative spot demand for ETH has increased across the crypto exchanges due to a decrease in BTC spot trading volume. The main reason is the suspension of zero-fee trading for most of its BTC trading pairs by top crypto exchange Binance in March.
Secondly, futures markets are indicating a potential shift towards ETH. The open interest (OI) and trading volume are likely bottoming out and the ETH price is ready to go parabolic.
Furthermore, higher demand for ETH than BTC and ETH-BTC relative volume reaching lower in the perpetual futures market support a rally in the ETH price this year.
