Bitcoin ETF Fever Drives Ethereum to 32-Month Low Versus BTC
Ethereum's ether (ETH) has dropped to its lowest price against bitcoin (BTC) since April 2021 due to anticipation of bitcoin ETFs approval in the U.S. ETH has lost 43% of its value against BTC since September 7. Despite this, ether has increased by 41% in U.S. dollar terms during the same period, but this is overshadowed by bitcoin's 81% gain. Bitcoin's dominance in the cryptocurrency market has increased from 39% to 54% in the past 14 months. This surge is attributed to hopes of a spot bitcoin ETF approval in the U.S. and the upcoming halving of bitcoin's block reward. Bitcoin is expected to see significant fresh inflows if a spot ETF is approved. Meanwhile, Ethereum has lost attention following its transition to a proof-of-stake blockchain in 2022.
