Glassnode recently revealed data regarding Bitcoin and Ethereum. It solidified what investors have already witnessed for the past several months.
Both Bitcoin and Ethereum have expanded their dominance across the financial market. The cryptocurrencies have secured massive appreciation against gold and the US dollar.
In 2023 alone, Bitcoin has appreciated +93% relative to Gold. The number is securely placed at 39% for ETH. However, ETH has witnessed minor depreciation against BTC in the past 470 days.
The ongoing weakness in the ETH/BTC ratio is quite similar to that recorded from May to July 2022. The price ratio has again reached the 0.052 level. The recently released data shows a slowdown in ETH’s growth compared to BTC.
Moreover, the data underlines a trend of capital flowing towards BTC from other assets. It includes ETH and similar assets, helping BTC secure its position as the most dominant crypto. The capital waterfall also shows how confident investors are regarding BTC as a store of value.
As expected, the data enticed traders to reconsider their BTC holdings. Many investors looked for Bitcoin future predictions to get an idea of its upcoming movement.
BTC has been posting strong numbers for a while now. During August 2023, the cryptocurrency outperformed gold and tech stocks in terms of volatility.
Soon after, rumors regarding a BTC ETF getting the SEC’s approval surfaced in the market. This was enough to help Bitcoin hit the 30,000-dollar mark. Currently, the crypto is trading at 34,895 dollars at a -0.49% market rate. Bitcoin has registered 26.86% growth in the past month.
On the other hand, Ethereum is trading at $1,881.29 with 0.03% market growth. The crypto has also secured 15.81% growth in the past month.
Source: https://www.cryptonewsz.com/bitcoin-and-ethereum-soar-after-appreciating-against-usd-and-gold/