Ether is now slightly outperforming bitcoin, whose dominance is declining
Ether has made a small advancement over the last week in terms of its performance relative to bitcoin, according to data from CoinShares. "Over the last week, ether has outperformed bitcoin by about 4.55%," CoinShares Research Associate Luke Nolan told The Block. However, Nolan added that a closer look at the ETH/BTC trading pair shows ether's recent gains are more of a technical bounce than an indication of a pickup of interest in Ethereum itself.
Nolan shared ETH/BTC ratio data with The Block that showed that ether had recently dipped into technical lows against bitcoin that were last seen in June 2022. However, the data revealed ether has bounced back above these lows over the past few days. zkLink Co-Founder Vince Yang put forward some possible reasons for the recent ether uptick. "The upcoming Cancun upgrade has resulted in increasing interest and demand. We believe the driving factor of ETH is the development of the technology and ecosystem. The demand and the price of ETH will continue to rise, at some point, likely to overturn bitcoin which has no real business use case other than value storage and transaction," Yang told The Block.
Source
https://t.me/CryptoNewsSource
