- KALEO tweeted an update to his multi-threaded analysis on ETH/BTC today.
- The trader believes that ETH/BTC will continue to drop in the coming days.
- At press time, the price of both BTC and ETH printed 24-hour losses.
The popular crypto trader KALEO (@CryptoKaleo) tweeted yesterday that ETH/BTC “still looks terrible”. The tweet builds on to a long thread that was first created back on December 22 of last year, wherein KALEO has been consistently posting updates on the trading pair ever since.
A number of members in the crypto community believe that Ethereum (ETH), the leading altcoin in terms of market cap, will eventually overtake Bitcoin (BTC) in terms of market cap. However, KALEO’s ongoing analysis of ETH/BTC may force this belief to subside, albeit temporarily.
According to the trader, ETH will weaken against BTC in the coming days. KALEO’s latest Tweet concluded with the words “send it lower,” which suggests that KALEO currently has a bearish stance on ETH/BTC.
At press time, the price of both BTC and ETH dropped over the last 24 hours according to CoinMarketCap. Currently, BTC’s price is trading at $27,540.32 after dropping 2.65%, while ETH is changing hands at $1,751.78 after a 3.46% 24-hour drop in price. As a result, BTC’s price has strengthened against ETH’s price by 0.92% in the last 24 hours.
The market cap margin between BTC and ETH is fairly substantial at press time. ETH’s market cap is estimated to be $214,376,317,596. Meanwhile, BTC’s market cap is more than double that of ETH with it currently estimated to be around $532,191,709,934.
CoinMarketCap shows that BTC’s dominance in the market has dropped by a very slim margin of 0.07% over the last 24 hours. Nevertheless, BTC’s dominance in the market still stands at more than 46%.
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Source: https://coinedition.com/eth-may-continue-to-weaken-against-btc-in-the-coming-days/