ETH/BTC Ratio Crashes To A New Low Since April 2021
The post ETH/BTC Ratio Crashes To A New Low Since April 2021 appeared on BitcoinEthereumNews.com.
Key Points: ETH/BTC ratio hits new low, Ethereum struggles against Bitcoin. Market shifts could be swayed by potential verdict on Ethereum ETF. Meme coins dominate Binance’s volume, despite Bitcoin’s rise. ETH/BTC ratio crashes to a low of 0.046, last seen in April 2021. Ethereum’s position weakens as Bitcoin nears $65,000. Market volatility persists. The ETH/BTC ratio has plunged to a new low of 0.046, last observed in April 2021, according to CoinMarketCap’s market data. ETH/BTC Ratio Crashes to New Low The conversion rate of ETH to BTC is now at 0.04589 BTC, marking a 0.42% decrease in the last hour and a 2.96% increase in the last 24 hours. However, Ethereum’s overall trend against BTC is downward, with a 5.84% decrease in the last 30 days. The ETH/BTC ratio’s downward movement underlines Ethereum’s continued struggle against Bitcoin’s dominance in the digital asset market. With a 30% decrease in the past year and over 11% year-to-date, Ethereum’s position is weakening. Readmore: Bitcoin Jumps After CPI Release By 4% As ETH Hits A Record Low Market Shifts Influenced by Narratives and Central Bank Liquidity Market shifts are primarily driven by narratives and central bank liquidity. Ethereum is currently inflationary, a situation that could change with the potential verdict on an Ethereum ETF in the US. This decision could significantly influence Ethereum’s price. The BTC-ETH Dominance metric from Glassnode, which tracks Bitcoin’s market cap dominance compared to the combined market cap of Bitcoin and Ethereum, is a valuable tool in understanding these macro trends. Dominance = BTC Market Cap / (BTC Market Cap + ETH Market Cap) – 0.765 with the 0.765 factor included to visualise the oscillator around a long term mean. Higher Values and Uptrends indicate outperformance by Bitcoin. Lower Values and Downtrends indicate outperformance by Ethereum. Crypto Market Volatility Amidst…
Filed under: News - @ May 16, 2024 6:24 am