Ethereum makes significant breakthrough as it's decouples from Bitcoin

in #news • 6 months ago

Ethereum Makes Significant Breakthrough as it Decouples from Bitcoin
By AZC News | Jan 20 2024

As Ethereum's correlation with Bitcoin weakened amid falling prices, the platform's future looks promising with emerging developments on its network.Ethereum Makes Significant Breakthrough as it Decouples from Bitcoin
The recent buzz surrounding the eagerly awaited Bitcoin ETF has cast a spotlight on the crypto space, overshadowing Ethereum's presence. The correlation between Bitcoin (BTC) and Ethereum (ETH) has taken a backseat, experiencing a dip below the historical average of 0.71 for the first time since 2021.

Kaiko's data reveals a noteworthy departure in the price movements of BTC and ETH. While Bitcoin soared amid ETF-related hype, Ethereum's rally remained subdued, leading to a significant shift in their correlation dynamics.

BTC's Pre-Approval Surge and ETH's Resilience
A closer look at Bitcoin's performance in the run-up to its ETF approval provides valuable insights into Ethereum's potential trajectory. Over the past 365 days, BTC has showcased a robust 100% increase in returns, outpacing ETH's more modest 60% gains.

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