• 13 July, 2024
News

Bitcoin Dominance Rises 9 Month High Whereas Altcoin Retraces; Will Ethereum Catches With Bitcoin Price

Bitcoin sustains $27,000 while Ethereum struggles below $1,800 as BTC exchange reserves spiked up

According to Coinmarketcap, Bitcoin dominance stands at $46.47% as BTC price managed to trade at $27,624, up 0.32%. On the other hand Ethereum dominance read at 18.50% , while the price slipped toward $1,750.

Bitcoin price picked up the momentum from the low of $19,893.0 made on Saturday 11 amid the news of the US banking crisis, in which three banks fall down, and the subsequent bailout speculations as well as US Fed lending $300 billion to certain banking institutions.

Currently, the Bitcoin price trades slightly lower but still managed to sustain above $27,000. The market cap is above $520 billion, white its dominance reached its highest level since June 2022.

Further, Bitcoin witnessed 31% increase since March 12, outpacing Ethereum’s 18% gains, with Bitcoin  to Ether (BTC/ETH) price ratio highest since July 2022.

According to the analytic firm, Santiment Ethereum still lags behind the Bitcoin price momentum after crashing on March 9-13, exchange reserves quickly declined.

Bitcoin exchange reserves rose and hit a three-month high of $2,237 BTC. However, the rise inflow of Bitcoin on exchanges is generally a bearish sign.

Since the beginning of 2023, Bitcoin price surged more than 45%, while Ethereum price managed to rise by 30%. According to Real Vision CEO Raoul Pal Ehtereum ‘s technicals and fundamentals, the largest Altcoin may massively outperform BTC in the coming cycle.

Ethereum’s total addressable market is much bigger than Bitcoin’s. ETH is a broader basis architectural protocol, which is not there in Bitcoin.

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