Ethereum Outshines Bitcoin as Institutional Demand Drives Growth
Ethereum has outperformed Bitcoin over the past month, extending its recent rally and gaining strength against its larger rival. According to data, Ethereum rose approximately 24% in the past 30 days, compared with Bitcoin's 8% increase over the same period.
The latest boost came after BitMine Immersion Technologies announced another large Ethereum purchase, adding more ETH to its treasury and bringing its total holdings to 5,787,414 ETH. This represents around $11.2 billion based on current market prices, according to the company's statement.
Tom Lee, BitMine Executive Chairman, highlighted several indicators that continue to support Ethereum's recent performance. He noted that the ETH/BTC ratio recently climbed to 0.03, marking its highest level in around three months, and identified $2,000 and $2,500 as key resistance zones for traders.