BroadChain, a news outlet in the cryptocurrency industry, has learned that on May 29th, according to data from Cryptoslate and Coinglass, the price of Ethereum experienced a significant increase of nearly 30% due to the approval of the Ethereum ETF application 19-b by the US Securities and Exchange Commission (SEC). This marks the best monthly performance for Ethereum since February, when it saw a 46% increase.
Coinglass historical data reveals that May is typically the strongest month for Ethereum, with an average increase of 31%. In comparison, Bitcoin has also shown positive momentum, with a growth of over 12% in May, attempting to recover from a 15% decline in April.
Based on the current trend and narrative favoring Ethereum, it is possible that Ethereum will continue to outperform Bitcoin, as the ETH/BTC ratio has been steadily increasing since 2024, indicating a shift in Ethereum’s dominance.
In terms of historical performance, Coinglass data shows that Bitcoin usually has a mediocre performance in June, with an average increase of only 0.25%.
Overall, these developments suggest that Ethereum is gaining momentum and may continue to surpass Bitcoin in the coming months.
