$ETH $BTC
The exchange rate of ETH/BTC has experienced a significant decline. Market data shows that the ETH/BTC exchange rate has fallen below 0.0356, currently reported at 0.03557, with a 24-hour decline of 0.81%. ETH/BTC has now retraced all the gains since the 2021 EIP-1559 upgrade to a deflationary mechanism.
Recently, Bitcoin's performance has clearly outperformed Ethereum, becoming the basic expectation of the market. The inflow of ETF funds into Bitcoin far exceeds that of Ethereum, with MicroStrategy, as a major holder of Bitcoin, continuing to raise billions of dollars to purchase Bitcoin. Some large listed companies, such as Tesla, have also chosen to hold Bitcoin instead of Ethereum.
The results of the U.S. elections will determine the direction of the cryptocurrency market. Before the elections, investors may adopt a cautious attitude, leading to market volatility. However, history shows that regardless of who wins, Bitcoin may rise after the U.S. elections.