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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

ETH/BTC ratio hits five-year low amid Bitcoin’s surge towards $90k

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Bitcoin is edging closer to the $90,000 mark following a strong price surge that coincided with rising trade conflict between the United States and China.

Data from CryptoSlate shows that the top crypto spiked to as high as $89,822, its highest point since March, as the US market was about to open on April 22.

Bitcoin Price
Bitcoin Price Performance YTD (Source: TradingView)

The upward move reflects growing investor interest in hedge assets, with Bitcoin appearing to benefit from the same safe-haven appeal that recently pushed gold to a new all-time high of $3,500 per ounce. Over the past 12 months, gold prices have risen by more than 50%, now outperforming the S&P 500 since the start of 2020.

Bitcoin’s rally suggests that it may be catching up, as both assets respond to mounting macroeconomic uncertainty.

Ethereum struggles

While Bitcoin gains strength, Ethereum is heading in the opposite direction. The ETH/BTC ratio has fallen to 0.018, its weakest reading in over five years, based on TradingView data.

Over the past year, Ethereum has underperformed significantly versus Bitcoin. The ETH/BTC pair has dropped more than 62%, reflecting weaker demand and fading market confidence.

ETH/BTC ratio
ETH/BTC Ratio Performance Since May 2024 (Source: TradingView)

As a result, Ethereum’s price struggles have led to a sharp drop in its market dominance.

Currently, ETH accounts for just around 7% of the total crypto market cap, the lowest share since May 2019.

Market analysts attribute this trend to weaker institutional interest in Ethereum compared to Bitcoin and a lack of major catalysts pushing ETH price action.

The post ETH/BTC ratio hits five-year low amid Bitcoin’s surge towards $90k appeared first on CryptoSlate.

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