Ethereum rising and ETH/BTC outperforms Bitcoin, investors turn to ERC-20 tokens
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Ethereum (ETH) has seen a welcome price bounce over the past week, finally outperforming Bitcoin (BTC) in the ETH/BTC pair after weeks of under-performance.
This renewed strength seems driven by positive fundamentals and a broader resurgence in the altcoin market.
As such, some investors are now exploring ERC-20 tokens as they diversify.
Ethereum overtakes Bitcoin
The ETH/BTC pair measures the value of Ethereum denominated in Bitcoin rather than a fiat currency like the US dollar.
Tracking this ratio gives insight into how Ethereum is performing against the crypto market leader.
After weeks of bearish momentum, ETH/BTC has jumped nearly 7% over the past two days to reach 0.054.
This marks a significant shift that suggests trader and investor sentiment is finally turning bullish on Ethereum again, relative to Bitcoin.
ETH has sorely lagged behind Bitcoin for quite some time, with ETH/BTC trending steadily downward since September 2022.
However, rejection of the symbolic 0.05 level likely signals that Ethereum could begin to gain market share.
According to CoinMarketCap, ETH trading volume has soared 32% in the past day, hitting $15.5 million.
This suggests traders are actively engaging in ETH-based transactions, likely driven by renewed confidence in the token’s prospects.
Several catalysts converge to fuel Ethereum breakout
Ethereum’s renewed strength against Bitcoin seems driven by a combination of increasing institutional interest.
The prospect of an SEC-approved spot ETH ETF in 2024 has led to a surge of interest from institutional investors, with Ethereum products seeing record weekly inflows of over $30 million.
This anticipatory buying ahead of a potential ETF launch suggests that many traders are positioning for an Ethereum breakout.
At the same time, network revenue and fees have soared to 180-day highs, exceeding $2.9 billion annualized.
Higher activity has turned Ethereum deflationary again for the first time in weeks, reducing the circulating supply of ETH.
Between increasing adoption and deflationary tokenomics, Ethereum has finally gained some ground on Bitcoin.
ERC-20 tokens to watch
With Ethereum’s increasing momentum, traders may be wondering which ERC-20 tokens could soon break out.
Below are two tokens worth watching closely as ETH edges higher.
Bitcoin ETF Token opportunities
The recently launched Bitcoin ETF Token offers a way to speculate on the market impacts of a spot Bitcoin ETF being approved in the U.S.
The platform’s tokenomics aligns with Bitcoin ETF developments.
BTCETF is deflationary where the total supply will be burned by up to 25% over time as significant approval milestones are reached.
With the market fully expecting the SEC to approve a spot BTC ETF in early 2024, speculation has reached fever pitch.
BTCETF allows investors to gain exposure to this narrative while receiving rewards through the built-in staking protocol.
The Bitcoin ETF Token presale has already raised over $3 million.
At the end of the presale, BTCETF will launch on multiple DEXes to provide decentralized access.
According to the project’s whitepaper, each on-chain transaction will burn 5% of the transacted tokens as well, enhancing deflationary pressure.
TG.Casino aims to reshape gaming
TG.Casino brings crypto-gaming experience to Telegram with its fully licensed platform offering live games, slots, and sports betting.
As a know-your-customer (KYC)-free, TG.Casino simplifies onboarding so players can access hundreds of games.
TGC, its native token, fuels this ecosystem, allowing holders to place wagers on various games and receive 25% cashback on losses.
This not only incentivizes TGC demand but protects players taking risks.
TGC also offers staking yields of 169% per year, with over 23.3 million tokens locked up already.
The project’s presale has already attracted more than $3.6 million in funding, with investors buying TGC for $0.18 in the current phase.
TG.Casino also has over 10,500 active Telegram community members.
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