Ethereum is anticipated to experience significantly larger price swings than bitcoin in the future, as reflected in the higher options volatility premium for the second-largest asset by market capitalization.

"The volatility premium of Ethereum to bitcoin has widened to about 8% for the longer tenor expiries, up from 4% last week," QCP Capital analysts said.

QCP Capital analysts also expressed a preference for accumulating Ethereum, noting its cost-effective spot price when considering the rise in the asset's implied volatility.