Українська
Русский
English
ETH/BTC Ratio Hits Three-Month High Amid Rising Ethereum Network Activity
- The $ETH/$BTC ratio reached 0.0313, its highest level since early January.
- Growth in the Ethereum network and increased activity in the stablecoin sector are driving demand for the blockchain.
On Wednesday, the $ETH/$BTC ratio — a measure of Ethereum’s relative strength against Bitcoin — rose to 0.0313, marking its highest level since January. Over the past seven days, Ethereum gained 4%, while Bitcoin rose 3.9% over the same period, according to TradingView. Ethereum’s 0.1% outperformance led to the ratio’s increase this week.
The $ETH/$BTC pair broke a downtrend line that had been in place since last August and reached a three-month high after remaining suppressed earlier this year due to strong demand for Bitcoin from exchange-traded funds (ETFs). During that period, capital was concentrated in Bitcoin, limiting Ethereum’s relative performance.
Activity on the Ethereum network supports the recent rise in the $ETH/$BTC ratio. In the first quarter of this year, 284,000 new users joined the network — an 82% increase compared to the previous quarter.
The volume of stablecoins on Ethereum reached $180 billion, representing a 150% increase over the past three years. The network now processes around 60% of all global stablecoin transactions.
At the same time, Ethereum is still trading more than 50% below its 52-week high of $4,831. Analysts do not see clear catalysts for further price growth of the leading altcoin, but Bitmine Immersion Technologies chairman Tom Lee believes that $ETH is “likely heading toward $60,000.”
See also: "USDC creator sees “massive opportunities” for a yuan-backed stablecoin"
