Bitcoin Hits $94,500 All-Time High While Crypto Market Drops 1% Today

Key Points:

• Bitcoin hits a new all-time high at $94,202, gaining 1.92% in 24 hours!
• The market drops 1% in the same period, showing mixed performance.
• ETH/BTC falls below 0.033, a low not seen since April 2021.

According to Coinmarketcap, Bitcoin hits $94,000 level to reach $94,500, with a 24-hour gain of 3.6%.

Bitcoin Hits $94,000, Reaches Record High

The leading cryptocurrency has created a new all-time high and proved its resilience and allure as a store of value despite mixed market conditions.

But while Bitcoin waxed jubilant about setting a high, the larger cryptocurrency market wasn’t quite so celebratory. In the last 24 hours, the total market capitalization of cryptocurrencies edged down 1%, indicative of patchy sentiment.

Read more: Bitcoin Spot ETF Inflows Reach $255M As Ethereum Sees Outflow

Ethereum/BTC Falls to Its Lowest Since April 2021

Ethereum, the largest cryptocurrency after Bitcoin by market capitalization, has suffered greatly against Bitcoin. The ETH/BTC trading pair has fallen below 0.033 for the first time since April 2021. With this fall, Bitcoin is overtaking the market, and its share of the total market capitalization has now surpassed 50%.

Analysts point to several reasons that have driven Bitcoin’s rally, including increasing institutional adoption, solid retail demand, supportive macroeconomic conditions, a weak US dollar, and growing inflation concerns. On the other hand, Ethereum‘s underperformance has been due to persistent worries over high transaction fees, scaling issues, and waning interest in DeFi projects.