Negative Sentiment of Ethereum Trading is Stronger than Bitcoin
2024-10-11
Bittime - Bitcoin and Ethereum are the two largest crypto assets by market capitalization.
Even so, sentiment towards Ethereum trading recently seems more negative than Bitcoin. Why? Read this article to find out!
Negative Sentiment of Ethereum Trading
Ethereum risk reversal indicators are more negative than Bitcoin, both in the short and long term. This risk reversal indicator measures the premium of buy options (call options) against sell options (put options).
When the value of this indicator is negative, it means that there is more interest in put options, which reflects the expectation of a decrease in the price of the underlying asset.
For Ethereum, this indicator reached -7.3% for options expiring on October 11, while for Bitcoin it was only -5.8%. This shows that the negative sentiment for trading Ethereum is stronger than trading Bitcoin.
Read Also: Bitcoin Performance in Q3 Weakened, Still the Best Asset in 2024?
Impact of US Election on Crypto Sentiment
Uncertainty ahead of the US presidential election is also an important factor influencing crypto market sentiment, including Ethereum trading. Market predictions show that Donald Trump is more likely to win than Kamala Harris.
On the Polymarket prediction platform, Trump's chances of winning the election are 55.8%, while Harris is behind at 43.8%. The growing narrative among investors is that a Trump victory will have a positive impact on Bitcoin and DeFi.
One of the reasons is Trump's decision to introduce the World Liberty Financial DeFi protocol. This protocol has submitted a cooperation proposal with the Aave platform.
Sentiment of Ethereum and Bitcoin
On the contrary, some analysts argue that Ethereum will benefit more if Kamala Harris wins the election. Ethereum may be better suited to more conservative policies under Harris.
Train The negative sentiment for Ethereum trading in the short term is quite clear. Traders appear to be more concerned about Ethereum's potential price decline compared to Bitcoin.
However, as the end of the year approaches and the US election results approach, this sentiment could change quickly. So, let's just wait and see how crypto sentiment will change.
Read Also: If a Bull Market Doesn't Happen in 14 Days, Will Bitcoin Prices Continue to Fall?
How to Buy Crypto with Bittime
Want to trade, sell and buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
