📉 ETH/BTC at a new low, the market prefers BTC? 🔍
Recent data shows that Ethereum (ETH) has fallen to a 40-month low relative to Bitcoin (BTC). Although ETH's price remains strong, staying above $2,500, its performance is a bit inferior compared to Bitcoin.
Since the approval of the Ethereum spot ETF in July this year, ETH's market performance has not improved. According to conventional rules, the approval of these financial products should make it easier for institutions to legally access Ethereum. But it seems that investors are still more interested in Bitcoin.
Although the U.S. Securities and Exchange Commission (SEC) has not officially declared ETH a commodity, the Commodity Futures Trading Commission (CFTC) has repeatedly stated that ETH is a commodity. Analysts believe that Bitcoin's higher stability compared to Ethereum may be one of the reasons why institutional investors prefer Bitcoin.
However, as the first smart contract platform, Ethereum's innovation and practicality cannot be ignored. From DeFi to NFT to tokenization, Ethereum has been driving innovation in the cryptocurrency field. BlackRock CEO Larry Fink even predicted that the tokenization of real-world assets on Ethereum will reach a trillion-dollar market cap.
Whether ETH will rebound relative to BTC remains to be seen, but from the technical charts, the trend seems to be positive in the short term. And the bullish pattern on September 18 and 19 has been confirmed, and ETH seems to be rebounding from a key Fibonacci retracement level.
💬 What do you think the low ETH/BTC exchange rate means? Are you bullish on Ethereum's long-term prospects? Join us to discuss!
