Recently, Glassnode released information about Ethereum and Bitcoin. It confirmed what investors had been seeing for a few months already. Bitcoin and Ethereum have both increased their market share in the financial sector. The value of cryptocurrencies has significantly increased in comparison to gold and the US currency.
Bitcoin has increased in value relative to gold by +93% just in 2023. For ETH, the figure is safely set at 39%. But over the last 470 days, there has been a little decline in the value of ETH relative to BTC. The current decline in the ETH/BTC ratio is somewhat comparable to what was observed between May and July of 2022. Once more, the price ratio has gotten to the 0.052 mark. According to recently disclosed data, ETH’s growth has slowed considerably in comparison to BTC.
Additionally, the data highlights a trend of money moving from other assets to Bitcoin. It contains ETH and comparable assets, which support BTC in maintaining its lead in the cryptocurrency market. The capital waterfall demonstrates the degree of investor confidence in Bitcoin as a store of value.
The data encouraged traders to reevaluate their Bitcoin holdings, as was predicted. Many investors sought out forecasts for Bitcoin’s future in order to gain insight into its impending movement.
For a time now, BTC has been putting up impressive results. In August 2023, the volatility of the cryptocurrency surpassed that of tech stocks and gold.
Shortly after, there were market rumours that a BTC ETF was approved by the SEC. This was sufficient to enable Bitcoin to surpass the $30,000 threshold. At a current market rate of -0.49%, the cryptocurrency is trading for 34,895 dollars. Over the last month, there has been a 26.86% increase in Bitcoin.
Ethereum, on the other hand, is up 0.03% on the market and is currently trading at $1,881.29. In the previous month, the cryptocurrency had growth of 15.81% as well.