Ethereum Strength Sends Bitcoin Ratio To 2018 Highs
08 Dicembre 2021 - 12:59AM
NEWSBTC
As Bitcoin (BTC) is coming out of a harsh weekend with a 5% drop
and a huge sellout, ether (ETH) still maintains its strength in
comparison, which has been happening since October. Arcane
Research’s weekly update shows that the ETHBTC pair reached its
highest level since May 2018 reaching 0.085 BTC, seeing possible
signals of maturity and an upcoming alt-season. In 2021, ETH has
shown greater strength than bitcoin. The cryptocurrency could be
signaling its maturity as it sees higher lows –compared to BTC–
than it did in 2017 and 2018. However, Arcane Research noted that
back in 2021 and 2018 the strength of ETH and altcoins’
performances in periods when BTC saw lows also signaled lower
prices to come, so a similar scenario could happen during 2021’s
fourth quarter. The current ETHBTC pair peak is similar to the one
seen in May, which was followed by May 19th’s crash during massive
liquidations and new buyers panic –which some users called the
second worse day ever for Ethereum, although similar phenomenons
had happened in earlier years–. Then, the ETHBTC pair saw another
spike at the beginning of September as Bitcoin saw lows on the 7th.
Furthermore, we could be facing froth in the market as altcoin’s
strength has signaled before. Ether was also down on Saturday but
surged to the mentioned 0.086 Bitcoin high during Sunday. The price
dropped 5.5% on Monday to $3,965, and overall, it traded down by
0.51% in the past week compared to BTC’s 10.06% decline. Today, the
Ethereum price is up again around $4,352.74, up 2.93% in the
day-to-day, surging more than 24% from the low. Even though it’s 9%
away from its all-time high, it is also 496% up in comparison to
2021’s early days. ETH also shows a 24-hour trading volume of
$23,566,690,676 and a market cap of $512,648,545,331. Related
Reading | Ethereum “Accumulation” Nears Liftoff Phase: What This
Could Mean For Bitcoin Bitcoin Dominance Sees New Lows Today,
Bitcoin’s dominance is 40.65%, seeing no increase over the day. It
had fallen towards 40% on December 5th as it saw its newest
bloodshed. BTC also saw its dominance drop in September and May,
but it has not seen other lows alike since May 2018. As the crypto
market started to fall on Friday –with 372,000 liquidated crypto
accounts by Monday totaling $2.3 billion-, Saturday’s early morning
saw bitcoin drop $10,000 in price, going from around $57,000 to
$47,000. Over the weekend, the drop reached a $14,000 loss and
experts saw no clear reason for it, but since then traders have
suggested a connection with the fear around the Omicron variant
plus market moves exaggerated by lower trading liquidity. Compared
to its November all-time-high, BTC is down by $21,000, but also up
over 75% in all 2021. The price has climbed back up to over
$50,000, more than 4% higher, and the total crypto market cap
surged 5% to $2.5 trillion. Some expect a hard end of the year for
Bitcoin as it has not shown its regular strength, but at the same
CNBC quoted Will Clemente, insights analyst at Blockware Solutions,
who thinks these dynamics are “healthy and show supply continues to
move to long term investors” and BTC could actually see a new bull
run at the start of next year: There’s a reasonable case that we
could see the opposite effect heading into Q1, as funds are willing
to take on more risk for the new year with fresh profit and loss, …
This effect assisted in bitcoin’s massive move in January 2021.
Related Reading | Ethereum Lacks Momentum Above $4,200, But
Dips Likely To Be Limited
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