A new research project by ByBit has brought forth interesting insights. The report outlines that Bitcoin and Ethereum are top choices for institutional investors to explore and hold.
The research also shows that investors are actively exploring Ethereum, touting it as the next breakthrough crypto coin.
Bybit’s research further elaborates on the reasons for the increased interest of investors in ETH. The report says that upcoming advancements in the ETH blockchain are poised to help Ethereum gain better market momentum.
Also Read: Ethereum: How High Can ETH Go in March 2024?
Why Ethereum?
Bitcoin’s remarkable market rally and its recent $57K touchdown are proof enough for investors to hold BTC in the near future. However, the sudden inclination of investors towards Ethereum has stirred a flurry of reactions.
The report streamlines how investors are keenly looking forward to Ethereum’s technological advancement in terms of upgrades and updates. The investors seem to be betting their hopes on the upcoming Ethereum’s Duncan upgrade, which is poised to help the crypto scale up a notch.
Similarly, the report also talks about Ethereum’s growing popularity.
“It is very interesting that Ether has become the institution’s new favorite. Our last report shows institutions piled up their position in Bitcoin in September 2022 ahead of the potential approval of Bitcoin spot ETF by the SEC back then. The updated data suggests that they have shifted assets from Bitcoin and stablecoins to Ether. “
At press time, Ethereum is performing exceptionally well. Driven by overall positive crypto market momentum, ETH is currently trading at $3,229, up 3.98%.
Also Read: Cryptocurrency: 3 Coins That Could Surge in March
Skepticism Concerning Altcoins Continues
ByBit’s research concluded by adding some notable insights about altcoins. Per the data shared, institutional investors are still reluctant to explore altcoins.
“The holding percentage in other tokens has exhibited a consistent decline, with a slight uptick noted in May. That was short-lived. This trend began to reverse in August and April, ultimately reaching lower levels in December.”
This news is republished from another source.
