Over the past seven sessions, ethereum has delivered a return of 5.5% against -12.4% return given by bitcoin.
Ether is rallying because of the launch of ethereum exchange-traded fund on a Canadian exchange, which is seen as a major step towards making digital assets, mainstream.
Recently, bitcoin closed below its 50-Day simple moving average for the first time since 8 October 2020.
“Over the past year, a lot of investors who got into bitcoin have become aware of ethereum and started diversifying their crypto portfolios.
While bitcoin’s most well-known use case is as a store of value, ethereum has several use cases.
Now that this bitcoin rally seems to be ending, people are taking profits and moving value back into their long-term ether investments,” Rangala added.