Ethereum (ETH) has dropped to its lowest level in almost a year against Bitcoin (BTC).
In recent weeks, the spotlights of leading financial giants, especially BlackRock Bitcoin exchange-traded fund (ETF) to apply A notable rise in bitcoin price triggered. Ethereum and other altcoins are stronger than Bitcoin in the face of this rise. passive left. Parallel to this ETH/BTC trading pair since July of last 2022 to its lowest level declined.
After Ethereum’s performance was crushed by Bitcoin’s performance ETH/BTC trading pair 21st of June to 0.0616 level fell down. A similar decline in mid-April came and ETH/BTC trading pair 0.062 had seen the level. In those days this level as support worked.
Especially of the US Securities and Exchange Commission (SEC) securities and commodities discussions specific to altcoins fragile One structure created.
on the other hand initial stages of past bull runs When examined, it is seen that Bitcoin always performs better against Ethereum, and then the upward series is concentrated on Ethereum and altcoins.
of the SEC Binance And to Coinbase Looking at the lawsuits it has launched against it, almost every altcoin other than Bitcoin has securities There is a concern about labeling it as
As a result of the lower performance of altcoins compared to Bitcoin, Bitcoin dominance also started to rise with an upward acceleration. bitcoin 20 June on to more than 50% reached its highest level in the last two years.
Co-founder of Pastel Network, who made a statement to CoinDesk on the subject. Anthony GeorgiadesHe stated that the decentralized nature of Bitcoin makes it stand out and protects it from regulatory uncertainty:
With the regulatory uncertainty surrounding the labeling of certain cryptocurrencies as securities, Bitcoin is the only cryptocurrency that is not sufficiently decentralized and certainly not a security in the eyes of regulators.