Ethereum dominance against Bitcoin takes sharp dive – CryptoSlate

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The global crypto market cap is $1.25 trillion with a 24-hour volume of $38.15 billion. The price of Bitcoin is $33,912.69 and BTC market dominance is 53.0%. The price of Ethereum is $1,776.16 and ETH market dominance is 17.1%. The best performing cryptoasset sector is Travel, which gained 12%.
Ethereum’s dominance against Bitcoin fast diminishing as the latter enjoys a recent wave of market enthusiasm.
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 (ETH) position against Bitcoin (BTC) 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.
Even as Bitcoin’s dominance surges to 54%, 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.
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.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
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