Summary
- Bitwise analyzed that Ethereum is leading the market following the passage of cryptocurrency legislation in the United States.
- Ethereum posted the highest returns last week, with the ETH/BTC ratio surging by 27%% and Bitcoin dominance dropping by 6%%.
- Bitwise projected that the approval of the legislation would accelerate capital inflow and innovation across the Ethereum ecosystem.
Ethereum (ETH) is leading the market following the passage of cryptocurrency legislation in the United States, according to an analysis.
On the 24th (local time), Cointelegraph reported that Bitwise, in its weekly report, stated, "Last week, Ethereum posted the highest returns in the market, marking a 'watershed moment.' The passage of new cryptocurrency legislation in the US and capital rotation within the market are the main drivers."
In fact, last week, ETH/BTC surged by 27% due to Ethereum's rally, resulting in a 6% decline in Bitcoin dominance. Bitwise added, "This uptrend supports our outlook that the gap between Ethereum and Bitcoin is narrowing," and projected, "the legislative approval will accelerate capital inflow and innovation across the Ethereum ecosystem."
Suehyeon Lee
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