Ethereum dominance against Bitcoin takes sharp dive

Ethereum dominance against Bitcoin takes sharp dive
фото показано с : cryptoslate.com

2023-10-26 22:10

Quick Take

The evolving dynamics in the cryptocurrency market are clearly reflected in the Ethereum-Bitcoin ratio, which is inching closer to 0.05, a level not seen since mid-2021. Ethereum’s (ETH) position against Bitcoin (BTC) has been in a steady decline. Notably, it was above 0.07 in early 2023, but the persistent momentum has significantly impacted it, leading to a drop to 0.06 in September of that year.

ETHBTC Ratio: (Source: Glassnode)

Even as Bitcoin’s dominance surges to 54%, a fascinating trend is the endurance of Ethereum’s dominance against Bitcoin, albeit fast diminishing. Historical data, represented by the pink line, showcases Ethereum’s peak dominance at -0.085, typically seen during bull markets when Ethereum outperforms. However, the tables turn in bear markets, with Bitcoin taking the lead.

BTC-ETH Market Cap Dominance: (Source: Glassnode)

As current trends suggest, we might be on the verge of a market shift with Bitcoin potentially regaining its dominance in terms of market cap.

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Ethereum (ETH) на Currencies.ru

$ 2746.13 (-0.07%)
Объем 24H $34.654b
Изменеия 24h: 7.60 %, 7d: 4.81 %
Cегодня L: $2589.9 - H: $2777.17
Капитализация $331.52b Rank 2
Цена в час новости $ 1787.88 (53.6%)

ethereum bitcoin against seen closer mid-2021 level

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