This year, ETH managed to outperform BTC by more than 235%, while the data suggests that traders consider the altcoin to have more upside.
Most active traders detected that Ether’s value remarkably outperformed BTC. As we already mentioned, the ETH/BTC ratio rebounded more than 235% this year and hit a new high at 0.088 BTC this month.
At the moment, Ether’s $495 billion market capitalization represents 55% of Bitcoin’s $904 billion. This ratio finished 2020 at 16%, meaning that it is logical to conclude that some changes have occurred. It might still be distant from what Ethereum enthusiasts imagined, but it still seems quite a good run.
Analysts should explore the market system of each coin separately instead of investigating the cause for the move or anticipating the outcome based on some expectations.
Investors should monitor the top traders’ ratio at major crypto exchanges to successfully measure how experienced traders are positioned. The metric provides a more comprehensive picture of the effective net position for traders by collecting data from numerous markets.
It is worth mentioning that exchanges collect data about top traders in various ways because there are numerous methods to measure the net exposure of the client. Therefore, traders should make comparisons based on percentage differences instead of total numbers.
The long-to-short ratio currently stands at a 1.22 ratio average for top Bitcoin traders, down from 1.38. Compared to the 1.58 figure, this signals that buyers decreased their exposure by 25%. Once again, we should note that the overall change in the time frame has more importance than the absolute number.
In the meantime, Ether showed a positive sentiment change after the long-to-short moved to 1.15 from 1.1. Now, Bitcoin investors might seem to be lacking confidence as its price stands 32% below the $68,000.
Key Points: Nio's shares hit 44.20 HKD, up 20%, with electric vehicle deliveries up 134.6% year-on-year to 15,620. BYD leads…
Key Points: Ethereum fell sharply from $3,355 to a low of $2,813, reflecting high volatility and sensitivity to market dynamics.…
Key Points Nikkei 225 slightly fell by 0.1%, while the Hang Seng index surged by 2.4%. USD/JPY increased slightly, highlighting…
Key Points: Gold prices rose on MCX India to ₹71,278/10 gm and COMEX US to $2,328/oz. The US Dollar Index…
Key Points: USD/MXN closed at 17.1268, down by 0.64%. The US Dollar Index increased by 0.67%, highlighting its strength at…
Key Points AUD/USD Pair shows early recovery, currently priced at 0.6525, indicating a subtle improvement and a possible shift in…
This website uses cookies.