The first few days of March have failed to give Ethereum [ETH] holders a much-desired breather. Despite the reality of despair, any hope for respite could depend on one condition, according to Chris Burniske.
The ex-crypto investment head at ARKInvest opined that ETH, alongside Bitcoin [BTC] , would only recover if the dollar and interest rates drop.<p lang=«en» dir=«ltr» xml:lang=«en»>For much of February the dollar and rates went higher, while crypto hung in there.
If the former two start to drift lower, $BTC could push through $25K, and if $ETHBTC pushes alongside that we could get another round of fireworks.— Chris Burniske (@cburniske) March 5, 2023 Realistic or not, here’s ETH’s market cap in BTC’s terms Recall that the first two months of the year brought glaring greens to the market, with the top two cryptocurrencies earning gains for their holders.
In addition, the Fed rates increase in February had initially triggered reds in the market. But ETH, led by BTC ensured that the drawdown only lasted a few hours.Read more on ambcrypto.com