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BlockNews
Home BREAKING NEWS

Ether Advances Over Bitcoin Amidst Potential $1,900 Breakout

BlockNews.com Team by BlockNews.com Team
November 7, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • Ether has outperformed Bitcoin in the past week by around 4.55%, but this appears to be more of a technical bounce than increased interest in Ethereum.
  • Bitcoin dominance peaked around 54.4% last week but has since declined to 52.7% as altcoins perform well despite Bitcoin’s stagnation.
  • Ether’s gains have been quite restrained compared to other cryptocurrencies, and its performance remains lackluster as macroeconomic factors will continue impacting crypto prices.

Recent crypto market performance shows ether making gains on bitcoin in terms of market share and price growth. However, bitcoin still remains the dominant cryptocurrency by market capitalization.

🚨 NEWS: Ethereum Outpaces #Bitcoin by Over 4% within the past week.

The ETH/BTC ratio has rebounded from June 2022 lows amidst Ether's upcoming Cancun upgrade.

Although Bitcoin maintains dominance, we have seen major capital inflows into altcoins.

Is this run sustainable? pic.twitter.com/Foc9wqiCF8

— BlockNews.com (@blocknewsdotcom) November 7, 2023

Ether Outperforms Bitcoin in Past Week

Ether has outperformed bitcoin by about 4.55% over the past week, according to data from CoinShares. However, a closer look at the ETH/BTC trading pair shows ether’s gains are more of a technical bounce than increased interest in Ethereum. The ETH/BTC ratio dipped to lows not seen since June 2022, but has since bounced back from those lows in recent days.

Possible Reasons for Ether’s Gains

Some have attributed ether’s gains to upcoming upgrades like the Cancun fork which have generated interest and demand. Ether’s role as the native asset on Ethereum, the second biggest blockchain ecosystem, means demand for ether may continue to increase.

Bitcoin Dominance Declines Slightly

Bitcoin dominance peaked around 54.4% last week but is currently around 52.7% according to CoinShares data. With bitcoin holding steady around $35,000, this suggests altcoins are performing well despite bitcoin’s stagnation. There appears to be some spillover of bullish sentiment from bitcoin into the wider altcoin market.

Ether’s Performance Still Lackluster

Despite ether’s gains, its performance is still quite restrained compared to other cryptocurrencies. As the second biggest cryptocurrency, some expected ether to reach at least $2,000. Macroeconomic factors like upcoming Fed policy decisions will likely significantly impact crypto market sentiment going forward.

Conclusion

Ether has made some gains on bitcoin recently, but remains lackluster compared to the wider altcoin market. Bitcoin dominance has declined slightly, but bitcoin remains the firmly dominant cryptocurrency. Macroeconomic conditions and upcoming upgrades will likely impact future price action and interest in both bitcoin and ether.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBusinesscryptoethethereum
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BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

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