Ethereum Bounces Back: Surpasses 2-Year Low Against Bitcoin Following Erroneous SEC Announcement

On Jan. 9, 2024, ethereum’s value relative to bitcoin plummeted to its lowest level since November 2021. Yet, in the past 24 hours, ether has rallied, gaining 3.66% against bitcoin, recovering from this two-year low.

Ether Rebounds Strongly in Wake of SEC Misstep

On Wednesday, ethereum (ETH) experienced a 4.32% increase in value against the U.S. dollar, contrasting with bitcoin’s (BTC) 3.97% decline in the same 24-hour period. The day before, on Jan. 9, 2024, ETH reached a low of 0.04806 BTC per coin. Currently, as of 9:45 a.m. Eastern Time (ET), ETH stands at 0.05293 per unit, marking a 10.13% rise against bitcoin compared to the low.

Over the past year, ETH prices have struggled in comparison to BTC’s gains, and despite the recent uptick, ether is still down over 17% in the past month. Annual statistics reveal that ETH has decreased by 31% relative to bitcoin’s price. According to data from coingecko.com, BTC’s market dominance is currently 50.1%, with ETH at 16.2%. Conversely, coinmarketcap.com reports BTC dominance at 52.9% and ETH’s share at 16.6%.

ETH’s market capitalization currently stands at just 32.46% of bitcoin’s, with BTC also leading in global trade volume over the last 24 hours. In the realm of mining rewards, BTC miners have garnered $40,447,935 in a 24-hour period, significantly overshadowing ETH validators who have earned $570,825. This indicates that validators have secured a mere 1.41% of the total earned by bitcoin mining pools. In the non-fungible token (NFT) market, BTC continues to surpass ETH.

In the last week, NFT sales on the Bitcoin network reached $117.53 million, compared to $71.25 million in sales on the Ethereum network. The recent trend in ether’s price aligns with the mistaken X announcement from the U.S. Securities and Exchange Commission (SEC) on Tuesday, which triggered a notable decline in BTC’s value, following a short-lived surge. While ETH initially suffered from this downturn, it managed to recover much more rapidly than BTC.

What do you think about ether’s price against bitcoin in recent times? Share your thoughts and opinions about this subject in the comments section below.