Ethereum

Bitcoin

<h2 id="quick-take">Quick Take</h2>
<p>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 (<a href="https://cryptoslate.com/coins/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) position against Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) 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.</p>
<figure id="attachment_368080" aria-describedby="caption-attachment-368080" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-368080 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/ETHBTC.png" alt="ETHBTC Ratio: (Source: Glassnode)" width="1329" height="893" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/ETHBTC.png 1329w, https://cryptoslate.com/wp-content/uploads/2023/10/ETHBTC-300x202.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/ETHBTC-1024x688.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/ETHBTC-768x516.png 768w" sizes="(max-width: 1329px) 100vw, 1329px">
 <figcaption id="caption-attachment-368080" class="wp-caption-text">
  ETHBTC Ratio: (Source: Glassnode)
 </figcaption>
</figure>
<p>Even as Bitcoin’s dominance surges to<a href="https://cryptoslate.com/insights/bitcoins-dominance-hits-highest-level-since-april-2021-as-ethereum-suffers/" rel="noopener noreferrer nofollow"> 54%,</a> 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.</p>
<figure id="attachment_368079" aria-describedby="caption-attachment-368079" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-368079 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/MC.png" alt="BTC-ETH Market Cap Dominance: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/MC.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/MC-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/MC-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/MC-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/MC-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-368079" class="wp-caption-text">
  BTC-ETH Market Cap Dominance: (Source: Glassnode)
 </figcaption>
</figure>
<p>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.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/ethereum-bitcoin-ratio-inches-closer-to-0-05/">Ethereum dominance against Bitcoin takes sharp dive</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Ethereum dominance against Bitcoin takes sharp dive

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