Ether Bounces Back After SEC News
Yesterday, ethereum (ETH) saw a 4.32% increase in value against the U.S. dollar, while bitcoin (BTC) experienced a 3.97% decline in the same 24-hour period. The day before, on Jan. 9, 2024, ETH reached a low of 0.04806 BTC per coin. However, in the past 24 hours, ETH has staged a recovery, gaining 3.66% against BTC.
ETH Struggles in Comparison to BTC
Over the past year, ETH prices have struggled to keep pace with BTC’s gains. Despite the recent rally, ether is still down over 17% in the past month. Annual statistics show a 31% decrease in ETH’s price relative to BTC. BTC currently holds a market dominance of 50.1%, while ETH stands at 16.2% according to coinmarketcap.com.
ETH’s market capitalization is only 32.46% of BTC’s, and BTC leads in global trade volume. In mining rewards, BTC miners have earned significantly more than ETH validators, underscoring the difference in earnings between the two cryptocurrencies.
Bitcoin Dominates the NFT Market
Bitcoin continues to outperform Ethereum in the non-fungible token (NFT) market. In the past week, NFT sales on the Bitcoin network reached $117.53 million, compared to $71.25 million in sales on the Ethereum network.
Ether’s Recovery Amid SEC Announcement
The recent rebound in the price of ETH aligns with the SEC’s mistaken X announcement, which caused a decline in BTC’s value. However, ETH managed to recover much more quickly than BTC after the initial dip.
Hot Take: Ether’s Resilience Shines in the Crypto Market
Despite recent setbacks, including its lagging performance compared to BTC and the SEC’s misstep, ethereum has shown resilience and bounced back against bitcoin. ETH’s recovery against BTC signals its strength and potential in the crypto market. As the competition between the two cryptocurrencies continues, it will be interesting to see how ETH progresses and whether it can regain its lost ground.
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