Towards an awakening of Ethereum? The result of the American presidential election gives Donald Trump as 47th President of the United States. Nothing more was needed to provide the necessary momentum for Bitcoin in order to (finally) cross a new ATH. A flight that does not do the business of the cryptocurrency ETHwith returns absent since the start of the year. Indeed, the ETH/BTC pair displays its worst score for Ethereum since 2021. Can we hope for an imminent turnaround?
Bitcoin achieves a new ATH
The excitement is palpable in the cryptocurrency market, as Donald Trump is already announced as the big winner of the presidential election in several American media. With the immediate consequence, a soaring BTC beyond its last all-time high.
Indeed, Bitcoin is currently at around $74,400 at the time of writing these lines. And this could quickly change, given the significant volatility triggered by the result of this electoral deadline.
A situation which also benefits the rest of the market for cryptocurrenciespresque entirely registered in green since this morning. But it also raises new recurring questions about the current situation of Ethereum.
Indeed, the eternal second cryptocurrency by capitalization of the ecosystem struggling to keep up since the start of the year. And it could well get worse in the case of a confirmed departure of Bitcoin into a bull market.
Ethereum: “no trend reversal on the horizon”
The excitement of layers 2 around the blockchain Ethereum allows him to offer better scalability. But this stacking of networks – and above all tokens in abundance – is starting to highlight a possibly unstable nature of this model.
At the same time, the price of the cryptocurrency ETH clearly does not benefit from this parallel dynamic. In fact, it displays disappointing performance for several months, until the ongoing collapse of returns associated with its staking positions.
A situation very clearly visible on the chart of the ETH/BTC pair. Car this historic ratio has once again plunged a little furtherto the point of reaching levels which had not no longer reached since April 2021. And, according to crypto analyst Zach Voell, “no trend reversal” is expected.
The finding is alarming. And analysts seem to agree that this trend is not set to be reversed in the near future. However, historical data still allows to hope for an epic reboundas was the case in 2021 with similar levels.
Will Ethereum eventually rally – and outperform – the rise of Bitcoin. Where will BTC definitely go? leave the cryptocurrency ETH on the sidelinestaking advantage of the euphoria triggered by the election of Donald Trump ? Regardless, some still see in this blockchain the worthy heir of a giant like Amazon Web3 version. A promise to follow…
