As revealed recently, Ethereum may take even longer than a year to outperform Bitcoin in terms of price and valuation due to the rise in the uncertainties that surround the shift to Ethereum 2.0. On May 12, the bullish trend got reversed and since then, Ethereum has not been able to be revived after plunging around 25%. Bitcoin Will Remain Superior to Ethereum in the Short Term Though it has been said that this situation of Ethereum is due to the adjustment in technicalities after witnessing a huge run to its all-time high, this is just a segment of the news. Some critical factors back this situation as the fast advancement of smart-contract network competitors and the broad acceptance of Bitcoin as an official currency. An interview was published on May 13 and was conducted by the New Yorker magazine with the Founder and CEO of Galaxy Digital, Mike Novogratz, in which he said: “All of a sudden, you have decentralized finance and NFTs both on Ethereum at the same time roughly, with wild accelerating growth.” When asked about the uptick potential of Ethereum, Mike addressed the current market situations and said: “You know, it’s dangerous to give predictions on the highs. But could it get to $5,000? Of course, it could.” Bears Dominate Crypto Market, Ether Witnesses Record Number of Options Expiry On June 25, around $1.5 billion out of the total of $3.3 billion notional open interest (OI) in Ether are going to expire and this month’s expiry has over 638,000 Ether options contracts in its purview that accounts for 45% of the total open interest in these options. The Chief Commercial Officer at Deribit, crypto derivatives exchange, Luuk Strijers said: “The put-call ratio for the June expiry is 0.79, which indicates there are more calls outstanding versus puts (64,000 more). This is indeed indicative of bullish sentiment, however, the majority of this OI is held in contracts quite far away from the current ETH price, indicating a low likelihood of expiring in the money.”
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