- The ETH/BTC ratio reached a high of 0,0313, which was last seen in early January.
- Network growth Ethereum and activity in the stablecoin space are driving demand for Block.
On Wednesday, the ETH/BTC ratio, a measure of relative strength, Ethereum in relation to Bitcoin, more than tripled to 0,0313, reaching its highest level since January. Over the past seven days Ethereum added 4%, while Bitcoin Over the same period, it rose 3,9%, according to TradingView. ETH’s 0,1% advantage drove the ratio higher this week.
The ETH/BTC pair broke a downward trendline that had been in place since August last year and hit a three-month high after the ratio remained low earlier this year due to strong demand for Bitcoin from exchange-traded funds. At that time, capital was concentrated in Bitcoin, which limited Ethereum’s relative performance.
Network activity Ethereum confirms the recent rise in the ETH/BTC ratio. In the first quarter of this year, the network connected 284,000 new users, up 82% from the previous quarter.
Volume of stablecoins in Ethereum The network reached $180 billion, a 150% increase over the past three years. The network currently processes approximately 60% of all global stablecoin transactions.
In this case, эфириум still traded More than 50% below its 52-week high of $4,831. Analysts see no clear catalyst for the number one altcoin’s price to rise, but Bitmine Immersion Technologies Chairman Tom Lee is confident that ETH is “likely headed toward $60,000.”
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