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First Mover Asia: Ether Prices Fall Relative to Bitcoin


kamiki

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The ETH/BTC currency pair has declined 8% since Jan 11, as the price increase in bitcoin has been more pronounced than ether’s; BTC hovers near $23K in Monday trading.
 

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Bitcoin cracked the lofty height of $23,000 on Monday before retreating just below this threshold in a repeat performance from the weekend that continued to reflect fresh investor optimism.


The largest cryptocurrency by market capitalization was recently trading at $22,968, up almost a percentage point over the past 24 hours, BTC has risen more than 35% since the start of the year amid concrete signs that prices are declining without the economy falling into steep recession.
Still, a number of analysts are unconvinced that the rally will last after a nearly 14-month bear market and a slew of crypto debacles that have shaken the public's already fragile faith in the industry.

 

In a weekly commentary, Jeff Dorman, chief investment officer of digital asset investment firm Arca, highlighted bitcoin's rebound and "a sharp renaissance" of tokens from "applications and protocols largely left for dead," but also the difficulty in predicting if the current upsurge was "just a bear market rally or if price increases will reflexively spark enough economic activity to justify the price moves."

 

"At a micro-level, most individual applications and protocols are still near trough levels of users and activity," even if many have risen over 100% in recent weeks," Dorman wrote, adding: "The market is trying to find equilibrium—something between last year’s dead zone and 2021’s euphoria."

 

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