- 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.
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.
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.