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The sentiment of the broader cryptocurrency market has turned positive as the price of BTC cleared its March 2024 highs. With the current momentum, BTC could be paving the way for reaching a new all-time high. So far, BTC and SOL have snapped 60% YTD gains. However, ETH only gained about 12% in the same period.
In our previous Learn From Smart Money, we emphasized that ETH may need a break before another attempt to push higher. Since the article was published, the price of the ETHUSDT Perpetual contract has retracted from around $2,600 to nearly $2,300 before rebounding.
This edition of Learn From Smart Money will continue to dig into the derivatives trading data on Bybit to explore the possibility of ETH catching up to its peers by the end of the year.