Bitcoin

Resistance

Elon Musk

Divergence

ETH/BTC hits its lowest level this year as Bitcoin soars to a new all-time high, fueling market dominance debates. 
Bitcoin (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) reached an all-time high of $97,862.64 (1 a.m. EST). At the same time, Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) continues to lag behind, with its performance against Bitcoin dropping to the lowest levels this year. BTC, consolidating near $97,379.69 at press time, has only opened questions on whether ETH can regain speed or mark a broader pullback in altcoins due to BTC’s rally.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/vanecks-matthew-sigel-this-is-a-very-bullish-setup-for-bitcoin/"> VanEck’s Matthew Sigel: ‘This is a very bullish setup for Bitcoin’ </a> 
<h2 class="wp-block-heading" id="strong-bitcoin-dominance-rises-strong">Bitcoin Dominance Rises:</h2> 
According to<a href="https://coinmarketcap.com/charts/bitcoin-dominance/" target="_blank" rel="nofollow"> CoinMarketCap</a>, BTC’s share of the crypto market has climbed to 60.5%, which is a substantial uptick of over 3% in just a month. The surge comes as BTC hits an all-time high mainly fueled by investments from institutional investors.&nbsp; 
<blockquote class="wp-block-quote is-style-default has-vivid-cyan-blue-color has-text-color has-link-color wp-elements-eb09608cfb7bf73f2b3c4a20ad5a97f9 is-layout-flow wp-block-quote-is-layout-flow"> 
 “Today, more institutional investors are investing in Bitcoin compared to before. The second factor was the political landscape, particularly Donald Trump, who became the President-elect of the United States. Donald Trump has had an impact, and it’s said that he revised his stance on cryptocurrencies, with Elon Musk acting as a crypto-positive representative.” stated <a href="https://www.linkedin.com/in/edulpatel/" target="_blank" rel="nofollow">Edul Patel</a>, CEO of <a href="https://mudrex.com/" target="_blank" rel="nofollow">Mudrex</a>, in an interview with IndiaToday. 
</blockquote> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1439" height="893" src="https://crypto.news/app/uploads/2024/11/ETHBTC_2024-11-21_12-27-38.png" alt="ETH/BTC pair hits YTD low as Bitcoin dominance surges - 16" class="wp-image-14312614" title="TradingView chart of ETH/BTC in YTD| Source: crypto.news&nbsp;">
 <figcaption class="wp-element-caption">
 TradingView chart of ETH/BTC pair in YTD | Source: <a rel="" href="https://crypto.news/">crypto.news</a>&nbsp;
 </figcaption>
</figure> 
On the other hand, ETH’s dominance has dropped to 11.8%, down from 13.8% last month. The ETH/BTC pair hitting a year-to-date low upholds that the second-largest cryptocurrency has not performed as well as BTC has this year. Looking at ETH’s price chart for the year, momentum has fluctuated, but it still lags behind BTC’s upward trend.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/etf-store-president-nate-geraci-hints-at-upcoming-spot-etfs/"> ETF store president Nate Geraci hints at upcoming spot ETFs </a> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1438" height="894" src="https://crypto.news/app/uploads/2024/11/ETHUSD_2024-11-21_13-00-21.png" alt="ETH/BTC pair hits YTD low as Bitcoin dominance surges - 17" class="wp-image-14312615">
 <figcaption class="wp-element-caption">
 TradingView chart of ETH/USD in YTD | Source: <a rel="" href="https://crypto.news/">crypto.news</a>
 </figcaption>
</figure> 
The Moving Average Convergence Divergence indicator for ETH also points to some momentum struggles at critical resistance levels. Meanwhile, the Altcoin Season Index, which currently scores 28, shows that the market is not favoring altcoin. The drop in market cap of altcoins compared to Bitcoin further indicates that liquidity is shifting from altcoins, including ETH, towards BTC.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/thanks-to-meme-coins-solanas-daily-revenue-reached-new-ath/"> Thanks to meme coins, Solana’s daily revenue reached new ATH </a> 
<h2 class="wp-block-heading" id="strong-will-ethereum-pick-the-pace-up-strong">Will Ethereum pick the pace up?</h2> 
The trajectory of ETH’s recovery depends both on fundamental and technical factors in the ETH/BTC pair. While fundamental analysis shows the ongoing acceptance of<a rel="" href="https://crypto.news/ethereum-l2-protocol-nil-launches-public-testnet/"> Layer-2 solutions</a>, development in decentralized finance, and active staking on<a rel="" href="https://crypto.news/ethereum-2-0-upgrade-has-brought-more-centralization-to-the-blockchain/"> Ethereum 2.0</a>, technical analysis would indicate an initial level of support at 0.057 BTC, which could potentially act as a base. Resistance levels are at 0.065 BTC and 0.070 BTC, which mark critical thresholds ETH needs to break if it is to regain momentum.&nbsp; 
Closing the gap will require ETH to break above resistance levels and ride out ongoing network upgrades; such moves might help the ETH/BTC pair regain their lost ground against Bitcoin. 
 Read more: <a rel="" href="https://crypto.news/3-coins-poised-to-break-into-the-top-10-market-cap-rankings-this-bull-cycle/"> 3 coins poised to break into the top 10 market cap rankings this bull cycle </a>

ETH/BTC pair hits YTD low as Bitcoin dominance surges

Table of Contents

crypto.news

Other articles published on Nov 21, 2024

Dan Gallagher in the Lead as Trump’s Pick for SEC Chair: Report

Justin Sun Purchases Iconic Duct-Taped Banana Artwork for $6.24 Million

North Korean Hackers Stole $41.5 Million

Dogen Eyes $30 Mark While Pepe and Dogecoin Up For Major Gains in the Altcoin Season

Bitcoin Eyes $100K After Reaching New ATH of $97.6K

XRP’s Price Now Suddenly Surged Past $10M On Major Exchanges

Join our free newsletter for daily crypto updates!