{"id":171895,"date":"2023-10-11T06:26:57","date_gmt":"2023-10-11T00:56:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=171895"},"modified":"2023-10-11T06:26:57","modified_gmt":"2023-10-11T00:56:57","slug":"bitcoin-soars-past-ethereum-what-now-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-soars-past-ethereum-what-now-crypto-news\/","title":{"rendered":"Bitcoin soars past Ethereum &#8211; What now? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\t\t\t\t\t\t<br style=\"clear: both;float: none\" \/><\/p>\n<ul>\n<li><em>Ethereum\u2019s correlation with Bitcoin hit a yearly low of 0.61.<\/em><\/li>\n<li><em>Subdued Ethereum spot trade volume and waning whale interest contrasted with Bitcoin\u2019s resurgence.<\/em><\/li>\n<\/ul>\n<p>In the midst of the ever-fluctuating cryptocurrency landscape, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/Ethereum\" data-wpel-link=\"internal\">Ethereum[ETH]<\/a> appeared to be facing ongoing challenges, in contrast to Bitcoin\u2019s recent resurgence.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Is your portfolio green? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" data-wpel-link=\"internal\">Check out the ETH Profit Calculator<\/a><\/p>\n<hr \/>\n<h4>The decoupling<\/h4>\n<p>Recent data indicated a correlation coefficient of 0.61 between Bitcoin and Ethereum signifying one of the lowest levels seen this year. This suggested that Ethereum was not closely mirroring Bitcoin\u2019s recent positive price movements.<\/p>\n<div id=\"attachment_349886\" style=\"width: 1130px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/F8BHtFOWUAAhomt.jpeg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-349886\" class=\"wp-image-349886 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/F8BHtFOWUAAhomt.jpeg\" alt=\"\" width=\"1120\" height=\"768\" \/><\/a><\/p>\n<p id=\"caption-attachment-349886\" class=\"wp-caption-text\">Source: Trading View<\/p>\n<\/div>\n<p>A crucial factor contributing to Ethereum\u2019s subdued performance was the enduring bear market conditions. Historically, during bear markets, traders tend to favor Bitcoin, according to Kaiko\u2019s data.<\/p>\n<p>Additionally, Ethereum\u2019s spot trading volume also displayed a consistent lack of momentum over the past two months, with occasional spikes that barely surpassed the $2 billion mark.<\/p>\n<p>Another significant trend was the waning interest of cryptocurrency whales in Ethereum. Data from Glassnode revealed a notable decline in the number of addresses holding 10,000 or more Ethereum coins, hitting a two-year low of just 1,074 such addresses.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">#Ethereum<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">$ETH<\/a> Number of Addresses Holding 10k+ Coins just reached a 2-year low of 1,074<\/p>\n<p>View metric:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/paW9ojeWBw\" data-wpel-link=\"external\">https:\/\/t.co\/paW9ojeWBw<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/hWSRRtnvuJ\" data-wpel-link=\"external\">pic.twitter.com\/hWSRRtnvuJ<\/a><\/p>\n<p>\u2014 glassnode alerts (@glassnodealerts) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1709950449543958859?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">October 5, 2023<\/a><\/p>\n<\/blockquote>\n<h4>Traders and ETFs<\/h4>\n<p>Furthermore, Ethereum\u2019s perpetual futures market experienced a surge in open interest since the beginning of September. However, funding rates remained largely neutral to negative. This phenomenon reflected the market\u2019s ambiguity, contributing to Ethereum\u2019s prevailing uncertainty.<\/p>\n<div id=\"attachment_349887\" style=\"width: 1440px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-5.28.28-PM.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-349887\" class=\"wp-image-349887 size-full\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"1430\" height=\"756\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-5.28.28-PM.png 1430w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-5.28.28-PM-300x159.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-5.28.28-PM-1024x541.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-5.28.28-PM-768x406.png 768w\" data-lazy-sizes=\"(max-width: 1430px) 100vw, 1430px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-5.28.28-PM.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-349887\" class=\"wp-image-349887 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-5.28.28-PM.png\" alt=\"\" width=\"1430\" height=\"756\" \/><\/a><\/p>\n<p id=\"caption-attachment-349887\" class=\"wp-caption-text\">Source: Kaiko<\/p>\n<\/div>\n<p>Adding to the mix were the recent developments surrounding Ethereum-based exchange-traded funds (ETFs). Six futures-based Ethereum ETFs made their debut on U.S. markets, aiming to provide investors with exposure to the cryptocurrency.<\/p>\n<p>However, unlike Bitcoin\u2019s successful ETF, ProShares Bitcoin Strategy (BITO), which recorded over $1 billion in trade volume on its first day, Ethereum ETFs struggled to attract meaningful trading volumes.<\/p>\n<p>VanEck\u2019s EFUT and ProShares EETH, the two largest ETFs, recorded an average daily trading volume of just $0.5 million during their initial week of trading.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Realistic or not, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" data-wpel-link=\"internal\">here\u2019s ETH\u2019s market cap in BTC terms<\/a><\/p>\n<hr \/>\n<p>Several factors contribute to this subdued response, including the current market environment marked by rising risk-free rates and macroeconomic uncertainty.<\/p>\n<p>ETH\u2019s trading price was $1,581 at the time of writing. It observed a decline in both its MVRV ratio and its price over the past month. However, the metric measuring transaction frequency, known as velocity, demonstrated a slight uptick during the same period.<\/p>\n<div id=\"attachment_349889\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-17.30.46-10-Oct-2023.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-349889\" class=\"wp-image-349889 size-full\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"2560\" height=\"867\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-17.30.46-10-Oct-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-17.30.46-10-Oct-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-17.30.46-10-Oct-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-17.30.46-10-Oct-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-17.30.46-10-Oct-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-17.30.46-10-Oct-2023-2048x693.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-17.30.46-10-Oct-2023.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-349889\" class=\"wp-image-349889 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-17.30.46-10-Oct-2023.png\" alt=\"\" width=\"2560\" height=\"867\" \/><\/a><\/p>\n<p id=\"caption-attachment-349889\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum\u2019s correlation with Bitcoin hit a yearly low of 0.61. Subdued Ethereum spot trade volume and waning whale interest contrasted with Bitcoin\u2019s resurgence. In the midst of the ever-fluctuating cryptocurrency landscape, Ethereum[ETH] appeared to be facing ongoing challenges, in contrast to Bitcoin\u2019s recent resurgence. Is your portfolio green? Check out the ETH Profit Calculator The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":171896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-171895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/171895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=171895"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/171895\/revisions"}],"predecessor-version":[{"id":171898,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/171895\/revisions\/171898"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/171896"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=171895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=171895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=171895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}