Ethereum on track for best month since February with 30% rise in May
Data from Coinglass shows that Ethereum has experienced a remarkable surge in May, rising nearly 30% with a few days remaining. This marks Ethereum’s best monthly performance since February when it jumped 46%. This recovery is significant, especially considering the 17% drop it faced in April. A key factor in May’s rebound is the approval of the Ethereum ETF 19-b filings, which has bolstered investor confidence.
Historical data from Coinglass indicates that May is typically Ethereum’s strongest month, with an average gain of 31%. As we transition into June, it’s noteworthy that Ethereum has only had two historically negative months: June and September. This makes the upcoming month particularly intriguing for Ethereum watchers.
Ethereum Monthly Returns: (Source: Coinglass)
In comparison, Bitcoin has also shown positive movement, increasing by over 12% in May, attempting to recover from a 15% drop in April. Historically, June has been a flat month for Bitcoin, averaging just a 0.25% increase, according to Coinglass data.
Bitcoin Monthly Returns: (Source: Coinglass)
Despite Ethereum trailing behind Bitcoin as an institutional asset, it shares similarities in the long-term holding behavior of its investors. With current trends and narratives favoring Ethereum, it may continue to outperform Bitcoin, as evidenced by the positive year-to-date ETH/BTC ratio. This suggests a shift in dominance towards Ethereum in the ongoing digital asset market dynamics.
ETHBTC YTD: (Source: TradingView)
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