By Anadolu Agency
September 16, 2024 4:05 pmISTANBUL
The ratio between Ethereum and Bitcoin, the world’s top two cryptocurrencies, plummeted Sunday to its lowest level in more than three years.
The ETH/BTC ratio decreased 2.8% on Sunday and dove below the 0.04 mark for the first time since April 2021, official data showed.
The ratio was at 0.039570 with a 1% daily gain on Monday.
The decline in ratio suggests a weaker investor demand for Ethereum, the world’s second biggest cryptocurrency, compared to Bitcoin — the top cryptocurrency in the world.
Spot Ethereum exchange-traded funds (ETFs), in addition, has been seeing net outflows, with over $20 million on Thursday, according to Farside Investors, a London-based investment management company that specializes in global equities and cryptocurrency.
Spot Bitcoin ETFs, on the other hand, saw net inflows of $39 million on Thursday and $263.2 on Friday, according to Farside Investors data.
Bitcoin’s share, known as dominance, was at 56.6%. Ethereum’s was at 13.6% on Monday, according to CoinMarketCap.
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