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Ether-Bitcoin ratio dives to lowest in over 3 years

Decline in ratio suggests weaker investor demand for Ethereum, compared to Bitcoin

Ether-Bitcoin ratio dives to lowest in over 3 years
2024-09-16 19:46:32

ISTANBUL 

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.