Ethereum gains ground on Bitcoin as the bear market persists – AMBCrypto News

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Amid diverse trends, Ethereum shines while Bitcoin commands YTD gains. ETH’s resurgence looks beckoning, bolstered by MVRV ratios and ascending utility. 

Bitcoin [BTC] and Ethereum [ETH] continue to be the leading digital assets. This fact was underscored when traditional financial institutions applied for ETFs for both these assets. Nevertheless, their price trends in the current market exhibit distinct differences, with ETH appearing to have a more favorable performance.
Realistic or not, here’s ETH market cap in BTC’s terms
The ongoing bear market has persisted, causing Bitcoin and Ethereum to experience declines in value due to a series of events within the cryptocurrency space.
As a recent Ecoinometrics post highlighted, Ethereum ceded ground to Bitcoin during the preceding bear market, erasing its previous gains. This divergence resulted in a diminished correlation between these two tokens. 

https://twitter.com/ecoinometrics/status/1690640146713202688?ref_src=twsrc%5Etfw
However, ETH’s price trend seems more favorable in the current bear market. According to the same Ecoinometrics post, it has gained roughly 300% against BTC. Nevertheless, a distinct pattern has come to light upon closer examination of the ETH/BTC correlation.
Examining the price performance trajectory of Ethereum and Bitcoin revealed that, despite Ethereum’s impressive gain of over 300%, Bitcoin generated higher profits Year to Date (YTD).
A visual representation from an Into the Block chart indicated that Ethereum began the year with a stronger momentum compared to Bitcoin.
Nevertheless, Bitcoin managed to narrow the gap and maintained a higher trend. As of this writing, Bitcoin achieved a gain of approximately 77%, while Ethereum’s gain stood at around 54% based on the current price.
After experiencing several days of price declines, Bitcoin rebounded on the daily timeframe, returning to a profitable position. The chart indicated it reached the $30,000 price range on 8 August but subsequently encountered a five-day consecutive decline following the surge.
As of this writing, it was trading at approximately $29,700, reflecting a marginal increase of less than 1% in price. 
Also, Bitcoin has exhibited peaks and troughs throughout the year, but the price range tool showed that it had grown over 70% up to this point. This trajectory aligned with the observed price trend on the Into the Block chart.
Source: TradingView
Similarly, Ethereum’s daily price performance also displayed a slight gain. As of this writing, ETH was trading at around $1,840. It had a comparable price increase of less than 1%, mirroring Bitcoin’s movement.
Regarding Year to Date (YTD) performance, the price trend analysis tool illustrated that Ethereum appreciated over 50% in value.
Source: TradingView
An examination of the 365-day Market Value to Realized Value (MVRV) ratio for both Bitcoin and Ethereum holders revealed a double-digit level of profitability.
Nonetheless, BTC holders have achieved a greater level of profitability in comparison to ETH holders. As of this writing, the 365-day MVRV for BTC was approximately 19%, whereas ETH stood at around 12%.
Source: Santiment
How much are 1,10,100 BTCs worth today
Bitcoin and Ethereum often establish the predominant trends within the cryptocurrency market, with BTC exerting a more pronounced influence.
However, the latest statistics indicated a shifting landscape. ETH is making strides and has the potential to further enhance its position, especially with the increasing utility of the asset.

Disclaimer:
AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
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