ETH is at 1908 now, down more than 60% from last August’s high of 4946.
Hard to believe, I know.
Down 15% in a week, while BTC is down 11.5%. Over a month, ETH is down 19.6%, BTC 17.2%. When prices fall, ETH always falls a little further than BTC. When they rise… lately, it doesn’t seem to have risen much at all.
At the current exchange rate, 1 ETH gets you less than 0.03 BTC—about 0.0284. ETH accounts for just 10.3% of the entire crypto market cap, compared with BTC’s 59.5%. Nearly a sixfold difference.
Damn, sometimes I really don’t understand what people who are still stubbornly clinging to the ETH narrative are hoping for. L2s have siphoned off transaction fees, even the BTC spot ETFs are seeing outflows, the 10-year Treasury yield is stuck above 5%, and worries about a December rate hike haven’t gone away. In this kind of environment, high-beta assets are the first to get sold—and ETH is right at the top of that list.
If the 1900 level gives way tonight, it’s really hard to say where the next support might be.
#ETH #以太坊 #加密市场 $ETH $BTC
Hard to believe, I know.
Down 15% in a week, while BTC is down 11.5%. Over a month, ETH is down 19.6%, BTC 17.2%. When prices fall, ETH always falls a little further than BTC. When they rise… lately, it doesn’t seem to have risen much at all.
At the current exchange rate, 1 ETH gets you less than 0.03 BTC—about 0.0284. ETH accounts for just 10.3% of the entire crypto market cap, compared with BTC’s 59.5%. Nearly a sixfold difference.
Damn, sometimes I really don’t understand what people who are still stubbornly clinging to the ETH narrative are hoping for. L2s have siphoned off transaction fees, even the BTC spot ETFs are seeing outflows, the 10-year Treasury yield is stuck above 5%, and worries about a December rate hike haven’t gone away. In this kind of environment, high-beta assets are the first to get sold—and ETH is right at the top of that list.
If the 1900 level gives way tonight, it’s really hard to say where the next support might be.
#ETH #以太坊 #加密市场 $ETH $BTC