Ethereum Touches $1,900
Ethereum has suddenly gained on bitcoin with its ratio rising from 0.052 to near 0.054 BTC while its dollar price touched $1,900. That's the highest it has been in four months with this price rise being due to numerous reasons, some specific to eth. The biggest one is probably the Celestia airdrop. That gave circa 170,000 ethereans $500 just for being eth users. Many of them probably insta sold for eth, with the attention that Celestia got during the airdrop earlier this week fading away. That's new demand for eth, with Celestia's market cap currently standing at $330 million. Small, compared to eth's market cap of $228 billion, but potentially enough to move the ratio a bit. Another reason is that ethereum has not kept up with bitcoin, which has gained 30% this month compared to eth's 17%. That has happened in the past when bitcoin led gains, as it did recently due to speculations over the BlackRock spot ETF, but ethereum usually catches up eventually. The Clock is On For the Ethereum Spot ETF Is Bitcoin Playing a Role in China's Capital Flight Bitcoin Futures Develop Premium on Expiry The Bitwise Spot Bitcoin ETF Gets a Ticker Not least because in this case if bitcoin gets a spot ETF, then ethereum will too as ethereum futures ETFs have been approved, thus any advantage bitcoin might have would only be temporary. Case in point, the Securities and Exchanges Commission (SEC) has acknowledged the Invesco Galaxy spot eth ETF filing this Friday. The deadline for approval or rejection is in May, a few months after bitcoin's January. As bitcoin is sort of sidewaying at resistance ahead of $36,000, numerous cryptos have seen gains against BTC, with Sol in particular rising 80%. Hence ethereum's ratio now has its turn too, at least for the day. The Devconnect week long ethereum gathering in Turkey is almost here as well, starting on the 13th of November. Ethereum is not holding a Devcon this year, with the Devconnect being different in as far as it is more coders focused. However as there won't be a Devcon, this Devconnect is kind of eth's main event for the year. Its schedule is packed for the week, with way too much happening. Whether that will affect the price remains to be seen. There may well be announcements, though the event hasn't quite been hyped by the Ethereum Foundation. All three in combination have given eth some strength for the day, but on the downside bitcoin might be benefiting from the macro picture as well and eth is back to inflationary for the day. Its supply rose by 0.16% this quiet Sunday, but for the week it is down by 0.005%. Making it a mixed picture as some ethereum usage tries to transition to second layers. Overall, touching $1,900 is a positive sign that eth might be looking to break resistance at $2,000. It will probably do together with bitcoin if they manage to overtake the resistance levels, so eth might sideway as well under that level.
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