Ethereum Will Continue Losing Ground To Bitcoin: Glassnode

cryptonews.com:

The price of Ethereum (ETH) has continuously lost ground to that of its older brother, Bitcoin (BTC), throughout the year – and on-chain data suggests it will continue to do so.

As of Thursday, Bitcoin’s market cap dominance stood at 53.3%, versus Ethereum’s 16.7%. A day prior, the ETH/BTC price ratio briefly fell below 0.05, its lowest value since April 2021.

According to lead on-chain Glassnode analyst James Check, various other measures of market dominance between both top cryptocurrencies paint “a case for continuation, not reversal” of Ethereum’s waning relative interest.

“Across both futures and options derivatives markets, Bitcoin dominance continues to grow relative to Ethereum, pushing well above 60% and now into 70% territory,” he explained in an X thread on Wednesday.

If history is any guide, the decline in market cap ratio between $ETH and $BTC may only be half-way…

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