"Given that Ethereum is the only major cryptocurrency [other than Bitcoin] approved as the basis for a spot ETF, it could be a rotation target," Citi analysts said in a report on Monday. Other cryptocurrencies have fared even better, and their share of the overall cryptocurrency market cap is growing. Citibank added that respondents to a recent survey believe counterfeit products will perform particularly well in 2025. "The performance of other cryptocurrencies and counterfeit products is even more meaningful, suggesting that some market participants expect a'counterfeit products season 'in 2025 after a strong year for bitcoin," analysts said. Experts say the divergent movements between bitcoin and other cryptocurrencies stem from fundamental differences affecting the two segments of the market.