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In a recent note, JPMorgan analysts claim that Ethereum is seeing “much healthier” institutional demand compared to archrival Bitcoin.
The American megabank points to the fact that Bitcoin futures offered by Chicago-based giant CME Group have returned to backwardation.
There has been a steady decline in the number of Bitcoin futures contracts traded on CME since August.
On the other hand, Ether has seen a sharp increase in open interest over the same period of time.
Still, JPMorgan’s Nikolaos Panigirtzoglou recently told Business Insider that the second-largest cryptocurrency was grossly overvalued:
We look at the hashrate and the number of unique addresses to try to understand the value for Ethereum. We're struggling to go above $1,500.
Panigirtzoglou believes that the growing competition in the smart contract sector threatens Ethereum’s dominance in spite of its first-mover advantage
| Coin | Change(%) | Price | Volume (24h) |
|---|---|---|---|
| Bitcoin (BTC) | 3.71 | $72,084.86 | $45.5B |
| Ethereum (ETH) | 3.43 | $4,038.91 | $20.8B |
| XRP (XRP) | 18.52 | $0.727106 | $4.4B |
| Solana (SOL) | 1.58 | $147.242060 | $3.8B |
| Binance Coin (BNB) | -2.22 | $519.52 | $3.0B |
| USD Coin (USDC) | 0.03 | $0.999697 | $2.4B |
| Dogecoin (DOGE) | 0.96 | $0.174374 | $2.1B |
| Shiba Inu (SHIB) | -2.92 | $0.000033 | $1.7B |
| Floki Inu (FLOKI) | -7.67 | $0.000267 | $1.3B |
| Avalanche (AVAX) | 13.16 | $47.596296 | $1.2B |
