Summary
- Analysis said Ethereum (ETH) is showing resilient movement relative to Bitcoin (BTC) even amid a short-term correction.
- It stated that the ETH/BTC ratio rose more than 2% in one day, confirming Ethereum's relative strength.
- It said that if Ethereum's strength continues, it could have a positive impact on major altcoins and the XRP/BTC trend.
Analysis has come out that Ethereum (ETH) is showing relatively firm movement against Bitcoin (BTC) even amid a short-term correction.
On the 14th (local time), CoinDesk analyst Orumkar Godbole analyzed, "Even in a situation where the market as a whole is weak, Ethereum is maintaining a relatively stable trend." That day, Bitcoin was pushed down to around $97,200, while Ethereum held around $3,200, and the ETH/BTC ratio rose more than 2% in a single day.
Godbole assessed that the rise in the ETH/BTC ratio is an indicator showing Ethereum's relative strength. He said, "If Ethereum's strength continues, positive effects could spread to other large altcoins."
He diagnosed that the XRP/BTC ratio is also accumulating potential volatility. Godbole explained that the XRP/BTC ratio has been moving within a narrow range over the past several years, building directional momentum. He forecast that if Ethereum's bullishness continues in the future, it could affect the XRP/BTC trend as well.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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