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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