As Ethereum breaks through the $3,400 mark, the ETH/BTC ratio rebounded 2.3% from today's low to 0.03657, setting a new weekly high. Bitcoin's market share (BTC.D) has also fallen to 57.63%, down 6.33% from last month's peak.
Recently, compared to Bitcoin's consolidation at the low of $90,000, Ethereum's performance has been stronger. CoinGecko data shows that Ethereum has broken through $3,400, currently reported at $3,410, with a 1% increase in the past 24 hours and a 4% increase over the past 7 days. In contrast, Bitcoin has dropped 1.1% in the past 24 hours and earlier today even fell below $93,000, hitting a low of $92,868.96.
The ETH/BTC ratio rebounded 2.3%
As Ethereum strengthens, the ETH/BTC ratio has rebounded 2.3% from a low of 0.03575 this morning, reaching a high of 0.03657 around 9 AM, setting a new high for the week.
Before the deadline, the ETH/BTC ratio was reported at 0.03633, with an increase of 1.48% in the past 24 hours.
BTC.D decreased to 57.63%
At the same time, with Bitcoin's performance being relatively weak, BTC.D (Bitcoin market share) has declined, hitting a low of 57.63%, which is a decrease of 6.33% compared to the peak of 61.53% last month. Before the deadline, BTC.D slightly rebounded to 57.75%, down 0.43% in the past 24 hours.
The decline of BTC.D and the relative strength of ETH have led the market to be full of expectations for ETH to regain its advantage next year and possibly lead to a new round of altcoin season.
The proportion of long-term holders of ETH exceeds that of Bitcoin by 10%
The strong belief in Ethereum is not just talk. IntoTheBlock tweeted last night about the trend of long-term holders of Bitcoin and Ethereum over the past year. The data shows that the proportion of long-term holders of Bitcoin has gradually declined, while that of Ethereum has continued to rise, surpassing Bitcoin in March this year.
As of now, data shows that the proportion of long-term holders of Bitcoin is 62.31%, while that of Ethereum has reached 75.06%.
The volume of Bitfinex ETH leveraged long positions has grown by 50% in a week.
Furthermore, Coinglass data shows that the leverage 'long' position of ETH on Bitfinex has grown from less than 71,000 ETH on December 22 to the current 104,847.23 ETH, an increase of 48%. This reflects the market's high expectations for Ethereum's future rise during its low consolidation period.
On-chain data analyst Ai Yi also monitored that a smart money whale (address starting with 0xEd0) withdrew 40,000 ETH from Bitfinex two hours ago, with a total value of about $133 million, at an average price of $3,326.7. Subsequently, this whale deposited 20,000 ETH into Aave and borrowed 40 million USDC, which has now been fully recharged to Binance, possibly preparing to increase its position further.
Does the recent trend of ETH and the actions of the whales indicate that Ethereum will rise strongly? Is the altcoin season about to bloom? It is worth close attention.
