Quick Take
Recent market data underscores a significant shift in cryptocurrency dynamics as Bitcoin’s dominance over altcoins, like Ethereum and BNB, surges forward. Yesterday marked a notable sell-off in altcoins, encompassing all cryptocurrencies besides Bitcoin. This sell-off has led to Binance Coin (BNB) and Ethereum (ETH) reaching new lows against Bitcoin this cycle.
When evaluated in terms of USD, Binance Coin hit $208 for the third time. The Ethereum to Bitcoin ratio plunged to an all-time low of $0.057. Interestingly, Ethereum’s USD-denominated value avoided hitting a new low, holding steady above its previous low of $1,544 in September.
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