{"id":484022,"date":"2024-02-27T17:41:28","date_gmt":"2024-02-27T17:41:28","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=484022"},"modified":"2024-02-27T17:41:28","modified_gmt":"2024-02-27T17:41:28","slug":"ethereum-hits-22-month-high-as-bybit-says-institutions-now-favor-eth-over-bitcoin","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-hits-22-month-high-as-bybit-says-institutions-now-favor-eth-over-bitcoin","title":{"rendered":"Ethereum Hits 22-Month High As Bybit Says Institutions Now Favor ETH Over Bitcoin"},"content":{"rendered":"
The Ethereum price soared to a 22-month high as a new Bybit Research report said institutional investors are favoring the altcoin leader over Bitcoin (BTC).<\/span><\/p>\n ETH <\/span>jumped<\/span><\/a> more than 6% over the past 24 hours to trade at $3,262.08 as of 6:15 a.m. EST as the <\/span>report<\/span><\/a> said there’s been a significant <\/span>shift in investor sentiment since December.<\/p>\n <\/p>\n The report says that in January institutional investors allocated 39.82% of their holdings to ETH, while 39.49% was allocated to Bitcoin.<\/p>\n While the difference is small, it marks a historical shift away from BTC, which had previously been strongly favored, towards the second biggest crypto by market cap, ETH. The upcoming Dencun upgrade was cited as one likely reason behind the change.<\/p>\n “Dencun is set for launch in March 2024, which helps reduce the transaction cost on Layer 2s with a method called `proto-dank sharding,”’ it said. “The potential successful implementation will likely bring a tailwind to Ethereum and other Layer 2 tokens.”<\/p>\n #Ethereum<\/a> is on the verge of its Dencun Upgrade!<\/p>\n 📈 Which projects will benefit from this upgrade? <\/p>\n Find out now 👇 #TrendingSectorAlert<\/a> pic.twitter.com\/whwareHxQ3<\/a><\/p>\n — Bitget (@bitgetglobal) February 27, 2024<\/a><\/p><\/blockquote>\nHistorical Shift Towards Ethereum<\/h2>\n
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