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By Joe Weisenthal
Here is something different. The Ethereum / Bitcoin ratio model has just changed and that may be something to watch out for. For the past few weeks, Ethereum has looked like high beta bitcoin. When Bitcoin rose, Ethereum rose further. When Bitcoin went down, Ethereum went down further.
It was starting to grab the attention of a lot of people on Wall Street. And, in general, a lot of attention has been paid to the relative strength of Ethereum, especially on the upside. But for the first time in some time, we appear to be having a Bitcoin centric cycle of crypto, with the most likely catalyst being news from El Salvador refocusing peoples’ attention.
So you can see that from yesterday’s low we have had a huge rise in Bitcoin from the bottom and at the same time the Ethereum / Bitcoin ratio has fallen. Either way, it’s something to watch to see if this is the start of a new story or a daylong incident.
Bloomberg Another interesting development is that Solana, which backs an Ethereum competitor, has just launched a huge fundraiser, which may further slow the momentum of ETH.
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