Ether has performed strongly against Bitcoin for the second week in a row, according to analysts at Bitfinex. This indicates a growing interest in altcoin profits following recent market developments. Despite the Bitcoin halving event, Ethereum recorded a notable 7.5% increase in its trading pair with BTC, marking its biggest weekly gain against Bitcoin since early January.
Bitfinex’s Alpha report highlighted Ethereum’s resilience amid regulatory challenges. Concerns about the SEC’s possible classification of ether as a security and increased scrutiny of MetaMask software have heightened uncertainty in the market. Nonetheless, Ethereum’s ability to outperform Bitcoin suggests that sentiment among investors and market dynamics is changing within the altcoin space.
The decline in Bitcoin dominance further supports this story, with interest gradually shifting to altcoins following the halving. Historically, such events have triggered a surge in altcoin activity, reducing Bitcoin’s dominance. According to CoinGecko data, Bitcoin’s current dominance is 50.5% and Ethereum’s dominance is 15.9%.
Meanwhile, the Japanese yen fell significantly in Monday morning trading, causing Bitcoin to trade at a slight premium to the weaker currency. On Japanese cryptocurrency exchange bitFlyer, the Bitcoin-Japanese Yen pair was trading at a 0.2% premium to the Bitcoin dollar-denominated price on Coinbase. However, the BTC/JPY pair began trading at 9,797,502 JPY at the time of reporting as the yen rebounded amid speculation of the Bank of Japan’s intervention.
Featured Image: Freepik
Please see disclaimer