ETH Outperforms BTC as the Market Attempts Recovery: Markets Wrap
ETH continues to outperform BTC as the digital asset market attempts a recovery, ETH market structure looks bullish
Blockworks Exclusive Art by axel rangel
key takeaways
- The ETH-to-BTC ratio has been trending upwards as ETH gains momentum
- ETH market structure implies bullish price action could be nearing
ETH continues to outperform BTC as the digital asset market recovers from last weekend’s sell-off.
ETH issuance continues to decline post-EIP-1559 implementation.
92% of all Ethereum addresses are in a state of profit.
Perpetual funding rates show relatively neutral sentiment among traders, except for Bitmex where traders are getting aggressive.
A look into the latest prices for top NFT collections.
Latest in Macro:
- S&P 500: 4,701, +0.31%
- NASDAQ: 15,786, +0.64%
- Gold: $1,783, -0.04%
- WTI Crude Oil: $72.65, +0.83%
- 10-Year Treasury: 1.528%, +0.048%
Latest in Crypto:
- BTC: $50,174, -0.39%
- ETH: $4,384, +2.42%
- ETH/BTC: 0.0874, +2.63%
- BTC.D: 40.56%, -1.42%
Ethereum
ETH continues to outperform BTC as the digital asset market recovers from last weekend’s sell-off. The ETH/BTC ratio has broken out of a multi-month range after firmly breaking out over the .08 level on Dec. 4. The trend has continued and is running toward levels not seen since early 2018.
Ethereum issuance has fallen since the implementation of EIP-1559 back in August. 1.147 million ETH has been burned over that period, leading to a net reduction of 68.35%, according to data from watchtheburn.com.
61.52 million addresses holding ETH, or 92% of all addresses, are in a state of profit according to data from intotheblock.com.
Perpetual funding rates for ETH hold a slightly positive bias across all exchanges, except for Bitmex where traders are getting a bit aggressive according to data from laevitas.ch. The higher the funding rate, the more expensive it is for longs to keep positions open.
A Genesis report noted some layer-2 developments over the month of November include:
- Metis, an Optimism fork that allows data to be stored on IPFS, launched a $100 million ecosystem fund at the beginning of the month22.
- And StarkWare, which relies on a different layer-2 technology (ZK rollups), raised $50 million at a $2 billion valuation23 to accelerate expansion of the network.
Non-Fungible Tokens (NFTs)
Trading data from OpenSea and Solanalysis of some of the top Solana and Ethereum projects can be found below:
If you made it this far, thanks for reading! I am looking forward to catching up on tomorrow.
Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.
