Ethereum has been demonestrating a renewed relative strength against Bitcoin after touching its lowest exchange rate in six years this past April.
Currently, the ETH/BTC pair is trading at its highest level since the beginning of the year, reaching 0.0368. While this marks a notable recovery, it still falls short of the levels many within the Ethereum community aspire to.
On the spot market, ETH/BTC pair weekly spot trading volumes have reached a new all-time high (ATH), with the ratio standing at 2.71. Notably, Ethereum’s spot trading volume last week was nearly three times that of Bitcoin, highlighting a shift in market participation.
In the derivatives market, the ETH/BTC perpetual futures open interest ratio has surged to 0.71, a peak not seen in 14 months. This uptick reflects growing speculative positioning and investor interest in Ethereum relative to Bitcoin.
The recent surge in Ethereum’s relative performance against Bitcoin, coupled with record spot trading volumes and elevated derivatives positioning, signals a shift in market dynamics favoring Ethereum in the short term. However, despite this momentum, ETH/BTC remains well below historical highs, suggesting that sustained investor conviction and broader adoption will be critical for Ethereum to close the gap with Bitcoin over the longer horizon.
Written by EgyHash
