Bitcoin and Ethereum Prices
Both Bitcoin and Ethereum saw a slight increase in price yesterday. BTC is up 2.3% from yesterday and 1.2% from a week ago, while ETH is up 1.8% from yesterday and 0.3% from a week ago. This recovery comes after a period of slight losses in the past few days.
Bitcoin Price Comparison with Ethereum
Bitcoin briefly returned to the key level of $30,000 last night, which it has been oscillating around for over a month and a half. Since reaching annual highs in mid-July, Bitcoin has mostly fallen and even dropped below $29,000 on July 24. However, yesterday it broke the trend and moved above $30,000. It’s uncertain if this marks an uptrend, but Bitcoin’s low volatility suggests that significant movements could happen soon. July is historically a month of low volatility, so it’s possible that August will see increased volatility and a breakout from the narrow range between $29,000 and $30,000.
Yesterday’s Anomaly
Yesterday, Bitcoin’s price rebounded despite other risk-on assets performing poorly. Typically, when the US dollar, equities, and gold decline, Bitcoin also drops. However, the price of BTC increased slightly yesterday, possibly due to news that BlackRock is confident about the approval of their application for a spot Bitcoin ETF. While this anomaly alone may not indicate a trend change, when combined with other factors, it suggests a shift in the market.
The Price of Ethereum
Ethereum has followed a similar trend to Bitcoin, with a rebound led by Bitcoin itself. After reaching over $2,000 on July 14, ETH experienced a downward path and hit just above $1,800 on August 7. Yesterday, it climbed back up to $1,850 and touched a high just below $1,880. Despite the launch of the PYUSD stablecoin on Ethereum, which could increase ETH’s usage, Ethereum’s price does not perfectly track Bitcoin’s and has lower volatility. Currently, Bitcoin is driving the market, with Ethereum closely following.
The BTC/ETH Ratio
Analyzing the ratio of Bitcoin’s market capitalization to Ethereum’s reveals that it declined until July 30 but has been rising in August. It is now just under 2.6 times, which is close to its level at the end of June. While Bitcoin appears strong in the crypto markets compared to Ethereum, its current dominance is still below its peak this year.
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