The current BTC/ETH ratio shows that Bitcoin (BTC) continues to have a dominating advantage over Ethereum (ETH).
According to latest data, the ratio is 18x, matching two-year highs.
This suggests that, despite the surge in numerous cryptocurrencies, BTC’s market value continues to outstrip that of ETH.
Ethereum’s bull run behavior
Ethereum, the second-largest cryptocurrency by market value, has typically done better than Bitcoin during bull market periods.
Ethereum often experiences quicker price increases during bull runs owing to its lower market capitalization compared to Bitcoin, which allows for bigger percentage gains.
Furthermore, Ethereum’s critical function in decentralised finance (DeFi) and as a platform for non-fungible tokens (NFTs) frequently spurs bullish speculation.
The graphic shows this pattern, since the ratio tends to fall when ETH outperforms BTC during these bullish times.
https://x.com/punk9059/status/1759542148284768641?s=20
Will Ethereum reach new all-time high?
The sentiment in the Ethereum trading community is rising as many speculate on the potential of a new all-time high (ATH) in 2024.
According to CryptoQuant, the significant increase in open interest in Ethereum futures reflects traders’ increased confidence.
Open Interest, or the total number of outstanding futures contracts, has reached its highest level since July 2022, coinciding with Ethereum’s recent price rebound from a major support level of $1,500 to more than $2,800.
While these data indicate a positive mindset among futures traders, prudence is urged. The fast rise in the price of Ethereum, together with the jump in open interest, points to a volatile market.
