Ethereum vs. Bitcoin: Divergence in the 2025 Bull Run

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As the 2025 bull run approaches, the market is increasingly discussing whether Ethereum can surpass Bitcoin. Although Ethereum has long dominated the blockchain field, its weak performance in 2024 has raised doubts about its future growth potential.

2024 Performance Gap

In 2024, Bitcoin rose 121.4%, while Ethereum rose only 46.3%. This gap is partly due to the launch of Bitcoin's spot ETF in January, which attracted $35.3 billion in funds and pushed up Bitcoin prices. In contrast, the Ethereum ETF launched in July had tepid demand and raised only $2.66 billion, showing that Ethereum has failed to grow in sync with Bitcoin.

Expert Opinions Divergence

Markus Thielen (Head of Research at 10x Research) expressed doubts about the future of Ethereum, believing that Ethereum may continue to lag behind Bitcoin, and pointed out that the 1% drop in the number of Ethereum validators reflects weak staking demand. He also expressed reservations about the impact of Ethereum upgrades, arguing that they have failed to effectively drive its price, especially the Duncan upgrade, which failed to take advantage of the memecoin craze.

However, Tim Lowe (Chief Commercial Officer of Attestant) is optimistic, believing that improved marketing strategies and clearer value propositions may drive demand for Ethereum.

Trader's View

Cold Blooded Schiller proposed two scenarios: either a breakout and sustained upward momentum, or a pullback to the $3,000 range.

Dal predicted that Ethereum could rise from $3,554 to $4,000, or it could fall to $3,102.

Michael van de Poppe (CEO of MN Capital) expects the ETH/BTC ratio to rise to 0.04 in January 2025, indicating that Ethereum is expected to outperform Bitcoin in the coming months.

Conclusion

Although Ethereum underperforms Bitcoin in 2024, analysts are divided. Some experts believe that Ethereum faces challenges from slow upgrades and weak demand, while others remain optimistic about its potential and believe that it could rebound in the 2025 bull run.

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