Bitcoin’s Recent Performance and Dominance Surge
Bitcoin has experienced a notable decline recently, dropping by more than 11% from its peak. Despite this downturn, Bitcoin’s dominance in the cryptocurrency market has climbed to over 56% ETH /BTC , a level last seen in April 2021 after briefly touching it earlier this year.
Impact on Ethereum: Decreasing ETH/BTC Ratio
Consequently, the Ethereum to Bitcoin (ETH/BTC) ratio has been on a downward trend, currently trading at 0.052. Initially boosted by the ETF approval, the ratio has declined by 2% year-to-date.
Historical Analysis of ETH/BTC Ratio
Analyzing the cyclical movements of the ETH/BTC ratio since the last low cycle in June 2022 reveals interesting insights. The ratio dropped to 0.054 at its lowest point and briefly fell below 0.05. Previously, in September 2019, the ratio plummeted to 0.016.
Current Performance and Trends
Presently, the ETH/BTC ratio has recovered slightly to just above 0.052 from a low of 0.045 in May. This indicates that Ethereum has slightly underperformed Bitcoin since 2022, marking one of its weakest periods compared to previous cycles.
Ethereum’s Performance Analysis Across Cycles
Historically, Ethereum has often outperformed Bitcoin significantly, sometimes by more than 200%. However, the current cycle shows negative performance for Ethereum relative to Bitcoin, making it the least favorable cycle in recent times. This trend underscores a consistent decline in Ethereum’s relative performance over successive cycles.
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