Ethereum to Bitcoin Ratio Hits Three-Year Low as BTC Nears $100,000
With Bitcoin’s price soaring above $97,000 and on the brink of hitting $100,000, there’s a buzz around the cryptocurrency industry. The reason? Many believe that President-Elect Donald Trump’s incoming administration will be more supportive of cryptocurrencies compared to the previous administration. In fact, Trump has even pledged to make the U.S. “the crypto capital of the world,” sparking excitement among investors.
This potential shift in political stance comes at a time when the regulatory landscape for cryptocurrencies is also evolving. Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), known for his strict regulatory approach, has announced his resignation following Trump’s victory. This change is expected to create a more favorable environment for the cryptocurrency market.
Industry experts are optimistic about Bitcoin’s future, with projections pointing towards a surge past $100,000 in the near future. However, the Ethereum-to-Bitcoin price ratio has experienced a significant drop, hitting a three-year low. This decline has been attributed to Bitcoin’s dominance and the growing volume of spot Bitcoin ETFs.
Georgy Slavin-Rudakov, Chief Marketing Officer at B2BINPAY, highlighted the competition between Ethereum and Bitcoin, with large investors currently favoring Bitcoin over Ethereum. However, Ethereum has been showing signs of an upward trend, with potential targets set between $3,600 and $4,000. Slavin-Rudakov emphasized that Ethereum’s growth may be slower compared to Bitcoin’s, but there is room for further development, especially if Bitcoin’s rally slows down.
In the ever-changing world of cryptocurrencies, these fluctuations and shifts in market dynamics are essential to watch. Stay informed, stay cautious, and buckle up for an exciting ride!
