The post Will Ether Price Pick Up Pace? appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. After the SEC approved Ethereum ETFs on Thursday, March 23, Ether has yet to show signs of growth. For Bitcoin, it took almost a month after the ETF approval before the price could set on a massive bull run, reaching an all-time-high of $73,738.00 on March 14. In September 2022, Ethereum moved to proof of stake (PoS), a set of interconnected upgrades that made Ethereum more secure and sustainable. Proof of stake substitutes computational power with staking (making it less energy-intensive) and replaces miners with validators, who stake their cryptocurrency holdings to activate the ability to create new blocks. Related The growing popularity of Ether dApps prompts traders to diversify their portfolios. A closer look at the BTC/ETH correlation could hint the possibility of the Ethereum price finally picking up the pace. BTC/ETH correlation coefficient The BTC/ETH correlation refers to the price relationship between Bitcoin (BTC) and Ethereum (ETH), typically expressed in terms of BTC. For example, if Bitcoin is priced at $60,000 and Ethereum at $3,000, the ratio is 0.05, meaning it costs 0.05 BTC to buy one ETH. If ETH’s price increases faster than BTC’s, the ratio rises, indicating it costs more BTC to buy ETH. Source: IntoTheBlock Another measure of this relationship is the correlation coefficient, ranging from -1 to 1. A coefficient of…

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Filed under: News - @ May 27, 2024 8:14 pm