The cryptocurrency domain is witnessing a new development, a diversification of sorts, where ETH seems to be taking the ultimate lead. Ethereum is currently the market’s new favorite crypto, eyeing major price overhauls in the near future. This momentum is also compelling investors to abandon some of their BTC holdings for ETH, showing an incredible breakthrough, all set to embrace Ethereum in full force.

Also Read: Ethereum Price Rallies 3% Ahead of Fed’s Jackson Hole Meeting

Crypto Investors Are Showing Interest in Ethereum

ethereum hill
Source: Watcher Guru

The cryptocurrency market is currently favoring Ethereum in full force. ETH is the most compelling crypto at the moment, as anticipation around stablecoin development and progress on the ETH blockchain fuel its token’s surge. Ethereum is currently one of the leading market assets, with experts like Tom Lee predicting how the token is bound to hit $12K very soon.

In addition to this, a new shift is taking place in the cryptocurrency world. Per recent BTC/ETH statistical data, an OG Bitcoin investor holding 14837 BTC has pivoted towards Ethereum. The investor has sold 660 Bitcoin to open long positions in ETH that are worth $295M across 4 wallets.

“TODAY: A Bitcoin OG holding 14,837 $BTC ($1.69B) sold 660 $BTC and opened long positions in $ETH worth $295M across 4 wallets, with 10x and 3x leverage.”

This pivot is marking a significant change, showing a smart diversification strategy to cover major risk factors. At the same time, it also shows how investors’ confidence towards ETH is now increasing, as ETH looks forward to hosting new developments and potential stablecoin ventures.

Interest in ETH Is Spiking

Per a recent Santiment report, investor interest in Ethereum is surging at a rapid pace. The report later shares how the market’s tendency to move in the opposite direction of its expectation may spell new success levels for Ethereum in general.

“Here are the mentions of ‘lower’ or ‘below’ and ‘higher’ or ‘above’ in relation to Bitcoin & Ethereum’s price levels. We can see that the greed spike on $BTC coincided perfectly with the ATH and local top. Meanwhile, the $ETH crowd hasn’t shown nearly as much bullishness despite significantly better performance over the past 3 months. Since prices typically move the opposite direction of retail’s expectations, the current outlook shows a slightly more bullish path for Ethereum due to the lack of interest in dip buying compared to Bitcoin.”

Also Read: BlackRock, Fidelity ETFs Dump $422M Ethereum in Massive Selloff

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