The Ethereum/Bitcoin (ETHBTC) trading pair has reached a 300-day low, despite the recent rally in Bitcoin and the SEC’s lawsuits against major crypto exchanges. The surge in Bitcoin’s dominance, which measures its share of the total cryptocurrency market capitalization, is believed to be the cause of ETHBTC’s decline. Bitcoin dominance has risen to over 51% from below 42% at the start of the year, with Blackrock’s filing for a new spot Bitcoin ETF being a key driver. Looking at past occurrences of 300-day lows for ETHBTC, there have been relatively few instances, especially with longer holding times. However, historical data suggests that ETHBTC may be poised for a bounce, particularly with longer holding periods. Short-term holding times show modest average results, while intermediate-term holding times show more significant gains. Despite calls for higher Bitcoin dominance and lower ETHBTC levels, the data suggests that ETHBTC may eventually reach higher levels, although patience may be required in the short-term.
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