It isn’t hard to pick the single overarching narrative in the cryptocurrency market so far in 2024. The biggest driver for growth in this market has unquestionably been the spot Bitcoin (BTC) exchange-traded funds (ETFs).

These investment vehicles have acted as a catalyst for Bitcoin’s meteoric ascent, driving its price to unprecedented levels. However, amidst the fervor surrounding Bitcoin, Ethereum (ETH), the second-largest cryptocurrency, has remained in the shadows.

Bitcoin’s growth since the ETF approval has been astonishing. BTC has been the strongest asset in the crypto market by far, and the data backs that up.

So far in this bull market, Bitcoin has seen suppressed volatility compared to past markets. The big price correction that we’ve seen this spring was only a 23% decline, which is far less than the 30%+ corrections we’ve seen in past bull markets. Not only that, but BTC is still trading right around the same level as its previous all-time high.

Ethereum on the other hand hasn’t come close to topping its old all-time high of $4,900.

While Bitcoin has hogged the spotlight, Ethereum’s potential has gone largely unnoticed. Despite being the foundation of decentralized finance (DeFi) and non-fungible tokens (NFTs), Ethereum’s price has failed to reflect its fundamental value. This discrepancy has led many to believe that Ethereum is severely undervalued in the current crypto market.

One of the main factors contributing to Ethereum’s undervaluation is the dominance of Bitcoin. With Bitcoin’s dominance hovering around 56%, the broader altcoin market has struggled to gain traction.

Outside of the artificial intelligence (AI) and memecoin sectors, the rest of the altcoin market hasn’t done much so far in this bull run. Ethereum, the largest altcoin by market cap, has been particularly affected by this trend.

By comparing the two charts of Bitcoin and Ethereum, you can clearly see that ETH has been lagging in pace. Since the fourth quarter of 2023, ETH is up about 79%, from about $1,650 to the current level of just under $3,000. At Ethereum’s peak in early March, it was up about 145% from the beginning of October.

To put things into perspective, since that same October 1 date, Bitcoin is currently up about 143%. From October 1 to Bitcoin’s peak on March 14, BTC rose over 175%.

Not only has Ethereum grown more slowly over the start of this bull run, but its also fallen further from its recent highs. However, looking at the situation through a different lens, it could also mean that Ethereum’s bull run has barely begun. The best to come for Ethereum could still be ahead of us.

There are some potential catalysts that could mix things up in the months ahead. Ethereum’s fortunes could soon change with the potential approval of spot Ethereum ETFs.

Institutions such as Grayscale, VanEck, Cathie Wood’s ArkInvest, and BlackRock (NYSE: BLK) have all submitted applications for Ethereum ETFs. Don’t forget that Blackrock boasts a 576-1 winning record in ETF applications. I, for one, don’t want to bet against BlackRock CEO, Larry Fink.

The decision on these ETFs is eagerly anticipated, and the decision deadlines are creeping up. May 23 is the deadline for the VanEck ETF, and the Securities and Exchange Commission is due to make a decision on BlackRock’s ETF by August 7.

August 7 also happens to be my birthday…an Ethereum ETF approval would sure be one heck of a birthday gift.

If approved, ETH could experience a surge in demand from institutional investors seeking exposure to the burgeoning crypto market. This influx of capital could drive Ethereum’s price to new heights and cement its position as a cornerstone of the digital economy.

Despite the lack of attention, Ethereum remains the king of smart contracts. Its robust network, vibrant ecosystem, and extensive developer community make it a force to be reckoned with in the crypto space. As investors await the outcome of the ETF deliberations, Ethereum’s potential for growth has never been more apparent.

Ethereum’s current undervaluation presents a unique buying opportunity for savvy investors. With catalysts such as ETF approvals on the horizon, now may be the perfect time to consider adding Ethereum to your portfolio. As the crypto market continues to evolve, Ethereum’s significance is poised to grow, making it a compelling investment choice for the future.

Editor’s Note: Crypto is making ordinary investors rich and it also serves as an inflation hedge. But you need to make your move now, before the next leg-up in the crypto bull market of 2024. Every day you wait is literally costing you thousands in profits.

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This article previously appeared on Investing Daily.