Recently, compared to Bitcoin's consolidation at the $90,000 low, Ethereum has shown stronger momentum. CoinGecko data shows that Ethereum has broken through $3,400, currently trading at $3,410, up 1% in the last 24 hours and 4% in the last 7 days. In comparison, Bitcoin has fallen 1.1% in the last 24 hours, and earlier today it even briefly fell below $93,000, touching $92,868.96.
ETH/BTC Ratio Rebounds 2.3%
With Ethereum's strength, the ETH/BTC ratio has rebounded 2.3% from the day's low of 0.03575, reaching a high of 0.03657 around 9 AM, a new high in the past week.
As of the time of writing, the ETH/BTC ratio is temporarily at 0.03633, up 1.48% in the last 24 hours.
BTC.D Drops to 57.63%
Meanwhile, with Bitcoin's relatively weak performance, BTC.D (Bitcoin Dominance) has shown a decline, dropping to as low as 57.63%, a 6.33% decrease compared to the 61.53% high recorded last month. As of the time of writing, BTC.D has slightly rebounded to 57.75%, down 0.43% in the last 24 hours.
The decline in BTC.D and the relative strength of ETH have fueled market expectations for ETH to regain its dominance next year, potentially leading to a new altcoin season.
Further Reading: Three Major Bullish Signals for Ethereum's Future, Analyst: Trump Will Make ETH Great Again
ETH Long-term Holders Exceed BTC by 10%
The unwavering faith in Ethereum is not just empty talk. IntoTheBlock tweeted last night, analyzing the trend of long-term holder ratios for Bitcoin and Ethereum over the past year. The data shows that the ratio of long-term Bitcoin holders has been gradually declining, while the ratio for Ethereum has been continuously rising, surpassing Bitcoin's in March this year.
As of now, the data shows that the long-term holder ratio for Bitcoin is 62.31%, while for Ethereum it has reached 75.06%.
Bitfinex ETH Longs Grow 50% in a Week
Furthermore, Coinglass data shows that the ETH "long" positions on Bitfinex have grown from less than 71,000 ETH on December 22nd to the current 104,847.23 ETH, an increase of 48%. This reflects the market's high expectations for ETH's future price appreciation during its recent consolidation period.
On-chain data analyst Ai Aunt also observed that a whale (address starting with 0xEd0) withdrew 40,000 ETH, worth approximately $133 million, from Bitfinex 2 hours ago, at an average price of $3,326.7. Subsequently, the whale deposited 20,000 ETH into Aave and borrowed 40 million USDC, which it has now fully recharged to Binance, potentially preparing for further leveraged positions.
Is the recent ETH trend and the whale's operations a sign that Ethereum is poised for a strong rally, and that the altcoin season is about to fully bloom? It's worth closely monitoring.
