Is Bitcoin set to overshadow Ethereum in the next bull market?

2024-3-28 13:03

Quick Take

The Ethereum (ETH) to Bitcoin (BTC) exchange rate, currently trading slightly above 0.05, has utilized this support level for the past six months. This enduring stability at the support level may indicate an impending alteration in market dynamics.

BTCUSD vs ETHUSD: (Source: TradingView)

Historically, Ethereum has closely tracked Bitcoin’s market movements. However, this correlation has weakened in recent weeks, now standing at 0.85. Since April 2023, the ETH/BTC ratio has declined by 25%, highlighting Ethereum’s relative underperformance. This shift is mainly due to the success of Bitcoin ETFs.

A chart from Glassnode illustrates the BTC-ETH Dominance metric, which monitors overarching trends in market performance. The metric is at -0.002, indicating a marginal period of Ethereum’s dominance. Nonetheless, the prevailing trend hints at a forthcoming shift favoring Bitcoin’s dominance. Should this occur, it would mark the first bull market since Ethereum’s creation in which Bitcoin surpasses its nearest competitor in performance.

BTC-ETH Market Cap Dominance: (Source: Glassnode)

The post Is Bitcoin set to overshadow Ethereum in the next bull market? appeared first on CryptoSlate.

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Bitcoin Price Analysis: Upward Drift Continues Following Established Macro Support

Since mid-February, the bitcoin market has continued to drift upward toward a band of strong, macro resistance (shown below as a red band). This slow, drift upward marks our fourth test of the resistance zone and, unlike the three prior tests, our rejection of the level has shown a weakness on the side of the bears:Figure 1: BTC-USD, Daily Candles, Fourth RejectionIf we compare the three prior rejections (labeled 1, 2 and 3), we see that the move into this resistance level was violent — and had equally violent rejections.

2019-3-29 02:21


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Bitcoin Price Analysis: Consolidation Breaks Out Into Macro Resistance Test

Over the course of the last 10 days, bitcoin has managed to rally nearly 20% in value as it burst through two major resistance levels and is now beginning the test of a major macro level:Figure 1: BTC-USD, Daily Candles, Macro ResistanceWe can see a clear, descending supply-and-demand channel that governed the market for the last two months.

2019-2-20 01:38


Ether Price Analysis: Untested Support Leaves Shaky Foundation During Drop

Much like the rest of the crypto market, ether has found itself devalued by more than 90% since its all-time high of $1,400 back in December of 2017. And now, almost a year later, ether sits just above $100 on what appears to be shaky ground during its latest round of selling over the last few weeks:Figure 1: ETH-USD, Daily Candles, Rapid DescentSimilar to bitcoin’s movement discussed in yesterday’s article, ETH-USD experienced a parabolic growth profile during its bull run.

2018-11-28 01:55


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Bitcoin Price Analysis: Yearly Support Breaks as Bitcoin Tests Underlying Demand

After months and months of consolidation, the yearly support finally broke and now bitcoin has found itself in the lower $5000s for the first time since 2017:Figure 1: BTC-USD, Daily Candles, Broken SupportBitcoin managed to drop a staggering 16% yesterday as the market sliced through the long held support like a knife through butter.

2018-11-16 01:28


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