The cryptocurrency market has been focused on Bitcoin spot ETFs in the past few months, with the ETH/BTC exchange rate dropping below 0.05 at one point. However, looking back at the Bitcoin halving in 2020, the ETH/BTC exchange rate was also at a low point.
Contents:
Toggle
ETH/BTC returns to a two-and-a-half-year low
The early stages of a bull market always revolve around a large amount of BTC narrative
After Bitcoin ETFs, market focus shifts to Ethereum ETF?
ETH/BTC returns to a two-and-a-half-year low
In the past few months, the cryptocurrency market has seen a general upward trend in Bitcoin spot ETFs, which has benefited ETH as well. However, the increase in ETH has not kept up with BTC, and the ETH to BTC exchange rate has returned to the level of May 2021 (0.051), and even touched 0.049 on June 13, 2022.
Monthly ETH/BTC chart | Source: OKX
The early stages of a bull market always revolve around a large amount of BTC narrative
As can be seen from the chart above, ETH/BTC reached a low point (0.016) at the beginning of 2020, during the third Bitcoin halving (5/12). However, it has been on a steady rise since then.
Advertisement – Continue reading below
Cryptocurrency bull markets often revolve around the Bitcoin halving, carrying a large amount of Bitcoin positive news. Looking back at 2020 and 2021, the positive news for Bitcoin was no less than the “Bitcoin spot ETF” in 2024:
MicroStrategy announced the use of reserve cash to purchase BTC.
Tesla announced the purchase of Bitcoin.
Publicly traded companies also bought Bitcoin.
Bitcoin futures ETF went live.
Even so, ETH was still able to rise against the backdrop of emerging public chains such as Solana and Avalanche at that time, and the ETH/BTC reached its peak (0.08) that year.
Can ETH repeat history and rebound during the halving year? Some institutions and analysts hold an optimistic view.
After Bitcoin ETFs, market focus shifts to Ethereum ETF?
Recently, analysts at Matrixport, who have been consistently bearish on Bitcoin spot ETFs, reiterated their bearish stance on January 10, stating that even if Bitcoin ETFs are approved, the focus may shift to Ethereum, as the deadline for approval of Ethereum ETFs is May of this year, and Ethereum’s performance from now on may surpass that of Bitcoin.
(
Matrixport: MicroStrategy stock price indicates Bitcoin should be at 38K, SEC false news is a “sell the news” event
)
Aylo, a Twitter KOL with 80,000 followers, also voiced support for ETH on January 3, believing that Ethereum went through a difficult period in 2023 but should have a better year with a lot of catalysts in 2024, and predicted that ETH will break its all-time high and outperform BTC.
He listed several positive factors for Ethereum:
(
Aylo: Ethereum will reach an all-time high in 2024, outperforming Bitcoin
)
In addition, analysts at The Block Research also expect factors such as re-staking protocols to drive ETH’s price again.
(
The Block prediction: Sei, NEAR will become “Solana killers,” avatar-style NFTs won’t make a comeback
)
This article is not investment advice.
BTC
ETH to BTC
ETH/BTC
Ether
Bitcoin
Further reading:
News: Concerns over ETFs resolved by industry, but Ethereum ETF status remains unknown
Brazil’s largest bank Itau launches cryptocurrency trading service, offering Bitcoin and Ether transactions