Ethereum

United

Bitcoin

Million

Partisia Blockchain

Even as Ethereum does well and traders expect good things, the value of <a href="https://coingape.com/breaking-bitcoin-and-ethereum-set-record-with-2-45-billion-inflow/?utm_source=cgtelegram">Bitcoin </a>compared to Ethereum is still 18 times, which is the highest in two years. The lasting power of Bitcoin compared to Ethereum shows that Bitcoin remains more valuable than Ethereum in the marketplace, even though Ethereum has good basics and continues to improve its network technology. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Despite ETH strength, the BTC/ETH ratio is still at 18x which is around 2-year highs. <a href="https://t.co/VXT32bjrzZ">pic.twitter.com/VXT32bjrzZ</a> 
 — NFTstats.eth (@punk9059) <a href="https://twitter.com/punk9059/status/1759542148284768641?ref_src=twsrc%5Etfw">February 19, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h2 id="ethereum-s-bull-run-and-technological-advances">Ethereum’s Bull Run and Technological Advances</h2> 
Over time, ETH has tended to grow more quickly than Bitcoin during market upswings, and its smaller size lets it generally increase price by a more significant percentage. <a href="https://coingape.com/south-korean-ruling-party-eyes-bitcoin-etf-and-easing-ieo-investment-ban/?utm_source=cgtelegram">Ethereum’s price</a> recently went from $1,500 to $2,800, showing traders and investors are more confident than before. The optimistic view is also supported by Ethereum playing a key role in the decentralized finance (DeFi) and non-fungible token (NFT) areas, which are leading the way in crypto innovation. 
Moreover, the ETH’s network is getting significant upgrades, especially the expected Dencun Upgrade that wants to make the network handle more transactions, cost less to use, and work better overall. The potential approval of an Ethereum Exchange Traded Fund (<a href="https://coingape.com/south-korean-ruling-party-eyes-bitcoin-etf-and-easing-ieo-investment-ban/?utm_source=cgtelegram">ETF</a>) in the United States and technological advancements are the main factors that make people optimistic about the Ethereum market. 
<h2 id="challenges-ahead-for-ethereum">Challenges Ahead for Ethereum</h2> 
As ETH moves towards hitting new record-high values, it has a significant challenge in its way. The resistance level at $4.7 million, where a lot of ETH was bought, makes a solid barrier. At this price level, many people who bought at or near this price might decide to sell, which could stop the price from going up. This represents an essential point for the market because it has significant effects on people’s minds and their money. 
The <a href="https://coingape.com/markets/ethereum-price-how-eth-supply-dynamics-give-it-an-edge-over-bitcoin/?utm_source=cgtelegram">Ethereum futures </a>market has also seen a significant rise in open interest, reaching the highest level since July 2022. This shows positive views from traders but also suggests a market that easily changes, needing carefulness from people taking part. 
<h2 id="bitcoin-s-unwavering-dominance">Bitcoin’s Unwavering Dominance</h2> 
Even though ETH has strong basic principles and its supporters are very excited, Bitcoin still leads the cryptocurrency market. The BTC to ETH ratio of 18:1 shows that Bitcoin has a much higher market value than Ethereum, demonstrating it remains the top digital currency. The strength and common use of Bitcoin as a way to store value and make transactions help Bitcoin stay ahead of ETH. 
Read Also: <a href="https://coingape.com/partisia-blockchain-airdrop-kicks-off-with-25-million-mpc-tokens-available/">Partisia Blockchain Airdrop Kicks off With 25 Million MPC Tokens Available</a> 
The post <a href="https://coingape.com/can-ethereum-narrow-the-gap-as-btc-eth-ratio-hits-2-year-highs/">Can Ethereum Narrow the Gap as BTC/ETH Ratio Hits 2-Year Highs?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Can Ethereum Narrow the Gap as BTC/ETH Ratio Hits 2-Year Highs?

Table of Contents

Coingape News Media

Other articles published on Feb 19, 2024

Bitcoin ETF Tsunami: Over $2.2 Billion Raised in One Week

Binance to cease support for BNB, BTC, and ETH leveraged tokens

Three Wide-Moat Stocks Worth Buying in 2024

Minutes Network Unveils Plans To Onboard More Than 1 Billion Users By Q1 2026. (19 Feb)

Is Bitcoin Headed For A Shakeout? Price-Driven Changes Spark Questions About Miner Future

Significant Bitcoin Transfer from Coinbase Raises Questions

Join our free newsletter for daily crypto updates!