Ethereum Takes Back Ground on Bitcoin
Ethereum has been steadily gaining ground on Bitcoin in recent months, and the numbers show it. The ETH/BTC trading ratio hit a three-month high of approximately 0.03 on July 27, marking a significant milestone for Ethereum.
In contrast to Bitcoin's relatively modest 8% gain over the past month, Ethereum has surged by roughly 24%. This uptrend is reflected in the ETH/BTC ratio, which has climbed back above 0.03 after dipping as low as 0.028 in February.
The increasing popularity of Ethereum can be attributed to institutional investment, with Bitmine Immersion Technologies - described as the largest Ethereum treasury company - adding 9,946 ETH to its holdings in the week prior, a purchase valued at roughly $19.4 million. Chairman Tom Lee pointed out that the rising ETH/BTC ratio is a bullish indicator for cryptocurrency prices moving forward.