Macroeconomist Lyn Alden, who has admitted she isn’t a big fan of Ethereum, said she was surprised by the cryptocurrency’s weak performance against Bitcoin after a presidential election outcome she expected to be more favorable for Ethereum.
“I’ve been kind of a polite long-term Ethereum bear, but the post-election new low in ETHBTC is even more brutal than I expected,” Alden declared in a Nov. 17 X post.
Lyn Alden admits she has been a ‘long-term Ethereum bear’
Alden reiterated that given Donald Trump’s administration “is open for crypto securities,” she was surprised that Ether’s(ETH) performance against Bitcoin declined following the victory being announced.
“ETHBTC jumps, then falls. New lows after good news,” Alden commented.
On Nov. 15, less than two weeks after the election, the ETH/BTC ratio reached a multi-year low, the lowest since March 2021, at 0.033, according to TradingView data.
Since Nov. 5, Ether’s price is up 17% trading at $3,107, while Bitcoin’s price is up approximately 31% trading at $90,423, according to CoinMarketCap data.
At the time of publication, the ETH/BTC ratio is 0.034. Source: TradingView
Meanwhile, since Trump's victory, US spot Ethereum exchange-traded funds (ETFs) have seen cumulative inflows of approximately $751.8 million, according to Farside data.
Industry is split on Ether’s gain from Trump’s victory
On Nov. 16, Cointelegraph reported that Ether recently slipped below its longest-serving support level against Bitcoin, leading top analysts to conclude that it is “dying a slow death.”
However, Consensys CEO Joe Lubin is more optimistic of Ethereum’s long-term prospects following the election result.
Lubin recently said that Ethereum is “poised to benefit” more from Trump’s presidential election victory than any other protocol.
“America has had its boot on the neck of Ethereum for a pretty long time, specifically Ethereum, and that’s caused a bunch of FUD,” Lubin explained.
“It’s just a lot bigger and more mature than all the other ecosystems other than Bitcoin, which is mature but narrow in its purview,” he added.
Marcin Kaźmierczak, co-founder and chief operations officer at RedStone, recently told Cointelegraph that Trump’s administration “could champion policies that push DeFi from niche to mainstream.”
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