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Bitcoin soars past Ethereum – What now?

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In the ever-changing crypto realm, Ethereum faces hurdles as Bitcoin shines. Despite a bear market, Ethereum struggles to regain momentum.

Recent data indicated a correlation coefficient of 0.61 between Bitcoin and Ethereum signifying one of the lowest levels seen this year. This suggested that Ethereum was not closely mirroring Bitcoin’s recent positive price movements.A crucial factor contributing to Ethereum’s subdued performance was the enduring bear market conditions. Historically, during bear markets, traders tend to favor Bitcoin, according to Kaiko’s data.

Another significant trend was the waning interest of cryptocurrency whales in Ethereum. Data from Glassnode revealed a notable decline in the number of addresses holding 10,000 or more Ethereum coins, hitting a two-year low of just 1,074 such addresses.Furthermore, Ethereum’s perpetual futures market experienced a surge in open interest since the beginning of September. However, funding rates remained largely neutral to negative.

 

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