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Analysis: OTC Platforms and Market Makers Show Stronger Demand for ETH than BTC; ETH May Continue to Outperform BTC in the Future
BlockBeats News, August 23rd, after Federal Reserve Chairman Powell sent a dovish signal at the Jackson Hole Economic Symposium, contradicting market expectations of a tougher stance, cryptocurrencies surged on Friday night. As a result, asset managers predict that Bitcoin (BTC), Ethereum (ETH), and some altcoins will hit new highs.
Analysts at Monarq Asset Management predict that the price of Ethereum will rise to above $5,000 in the coming days. Sam Gaer, Chief Investment Officer of Monarq Direction Fund, told CoinDesk: "We maintain an overall bullish stance. The market's internal structure remains healthy, with little sign of overheating, and as you pointed out, the path to new highs for BTC and ETH is very clear."
Gaer stated that over-the-counter desks and market makers have a stronger demand for ETH than BTC, which means Ethereum may outperform Bitcoin in the future. However, BTC itself is also showing strong momentum. Gaer pointed out: "Bitcoin has only retraced about 9.6% from its all-time high, much less than earlier pullbacks this year, showing strong demand—the continuous accumulation by whale wallets around $113,000 is evidence of this."
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