The ratio climbed to 20 this week and reached the highest level since April 2021, reflecting greater resilience. demand for the older cryptocurrency instead of the smaller rival.
This pattern could be "a very early sign" that FOMO, or fear of missing out, morphs into "fear" if Ether is seen as an indicator of sentiment toward smaller tokens, according to crypto asset trading firm QCP. Capital he wrote in a note on Friday.
Cryptocurrency tracker
Bitcoin hit an all-time high of $73,798 in mid-March, on top of a flurry of inflows into U.S. exchange-traded funds that debuted in January. Since then, the token has retraced approximately 9%. ETFs demand cooled. An indicator of smaller digital assets has plummeted further over the same period, losing around 20%.Looking beyond the cryptocurrency market, a potential Bitcoin top as investors lose appetite for cryptocurrencies โsignals a weaker situation.โ stock Exchangeโ strategists at Stifel Nicolaus & Co., including Barry Bannister, wrote in a note this week. Cryptocurrency traders are now awaiting an event every four years known as the Bitcoin halving, which reduces new supply of the token. Questions have been raised about whether the halving willpower is living up to its reputation of being a bullish tailwind. Bitcoin was steady at $67,825 as of 5:25 pm on Friday in New York, while Ether was also little changed at $3,340.
