CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
CryptoIntelligence 2024-08-26 20:40:00

Ether Drops 25% Against BTC in 2024, But Will the Trend Continue?

Ether (ETH), the native token of the Ethereum network, has declined by approximately 25% against Bitcoin (BTC) since the beginning of 2024, reaching its lowest levels in 40 months. The outlook for Ether remains bearish in the coming weeks, particularly as the probability of Federal Reserve interest rate cuts in September rises. ETH/BTC and USD Correlation Grows A significant factor contributing to Ether’s bearish outlook is the increasing positive correlation between the ETH/BTC pair and the U.S. Dollar Index (DXY), which has dropped 5.35% from its 2024 peak. As of Aug. 26, the 30-day average correlation coefficient between ETH/BTC and

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.