Ethereum Surges as Bitcoin Falters Ahead of Fed Meeting

The cryptocurrency market is bracing for the upcoming US Federal Reserve meeting announcement. Bitcoin has been holding steady above $62,000 to $63,000 but faces challenges in securing a bullish breakout. Meanwhile, Ethereum is outperforming Bitcoin in relative ETF interest and is gaining traction from decentralized network usage.

Morgan Stanley's recent roll-out of low-fee crypto funds for Ethereum and Solana has further boosted the latter's institutional appeal. However, regulatory pressures continue to weigh on the market with the US Senate shelving the CLARITY Act for now.

Additionally, Bitmex and Bitmart have announced their exit from the market, while decentralized data storage network Storage has filed for Chapter 11 bankruptcy protection. Looking at the recent market trends, Bitcoin fell by 3.5% in the last week, while Ethereum declined less at 1.5%. In a month-on-month basis, however, Bitcoin gained 9%, with Ethereum outperforming with 21% gains.