Ethereum

Cryptocurrency

Rally

Bitcoin

when

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Bitcoin (BTC) has <a href="https://twitter.com/punk9059/status/1759542148284768641">maintained</a> a commanding lead over Ethereum (ETH), as evidenced by the current BTC/ETH ratio.&nbsp;
According to recent data, the ratio stands at 18x, a figure that harks back to two-year highs.&nbsp;
This indicates that, despite the rally seen in various altcoins, BTC continues to outpace ETH significantly in market value.
<h2 id="ethereum-s-bull-run-behavior">Ethereum's bull run behavior&nbsp;</h2>
Ethereum, the second-largest cryptocurrency by market capitalization, has historically outperformed Bitcoin during bull market phases.&nbsp;
<blockquote>
 Despite ETH strength, the BTC/ETH ratio is still at 18x which is around 2-year highs. <a href="https://t.co/VXT32bjrzZ">pic.twitter.com/VXT32bjrzZ</a>— NFTstats.eth (@punk9059) <a href="https://twitter.com/punk9059/status/1759542148284768641?ref_src=twsrc%5Etfw">February 19, 2024</a>
</blockquote> 
Typically, Ethereum has seen sharper price increases in bull runs due to its smaller market cap compared to Bitcoin, which allows for larger percentage gains.&nbsp;
Moreover, Ethereum's fundamental role in decentralized finance (DeFi) and as a platform for non-fungible tokens (NFTs) often fuels optimistic speculation.&nbsp;
The chart demonstrates this trend, as the ratio tends to decrease when ETH gains on BTC during these optimistic periods.
<h2 id="will-ethereum-reach-new-all-time-high">Will Ethereum reach new all-time high?&nbsp;</h2>
The sentiment in the Ethereum trading community is <a href="https://cryptoquant.com/insights/quicktake/65d3360403a6647b1190b820-Will-Ethereum-Reach-An-ATH-In-2024?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=greatest-trader">heating up</a> as many ponder the possibility of a new all-time high (ATH) in 2024.&nbsp;
According to CryptoQuant, a notable increase in open interest in <a href="https://u.today/can-ethereum-eth-break-its-47-million-resistance">Ethereum</a> futures indicates growing confidence among traders.&nbsp;
Open Interest — the total number of outstanding futures contracts — has hit its highest mark since July 2022, corresponding with Ethereum's price recovery from a significant support level of $1,500 to over $2,800 in recent times.
While these numbers signal bullish sentiment among futures traders, caution is advised. The rapid climb in Ethereum's price, coupled with the surge in open interest, suggests a market prone to volatility.

Bitcoin (BTC) Crushing Ethereum (ETH) Despite Altcoin Rally

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