Key Takeaways
- Bitcoin sets a new all-time high at $98,370.
- Institutional demand drives Bitcoin's rise to dominance.
- ETH-to-BTC ratio drops 40% in 2024 as Bitcoin surges.
Bitcoin continued its historic climb, reaching $98,370, fueled by strong institutional interest and rising retail enthusiasm.
The surge has been attributed to U.S. spot Bitcoin ETF approvals earlier this year and market confidence following the re-election of pro-Bitcoin President Donald Trump.
BTCMarkets’ Rachael Lucas said:
Bitcoin is cementing its position as ‘digital gold,’ attracting significant attention from institutional and retail investors.
ETH-to-BTC ratio at 3-year low
As Bitcoin surges, the ETH-to-BTC price ratio has fallen to 0.032, the lowest since March 2021.
This drop highlights Bitcoin’s dominance in 2024, with the ratio declining over 40% since the start of the year.
While Bitcoin has risen 7% over the past week, Ethereum has lost 3.2%, underperforming during the broader market rally.
Institutional momentum drives Bitcoin rally
Bitcoin’s sustained climb is further supported by the rising interest from institutional investors spurred by ETF approvals and the perception of Bitcoin as a reliable store of value.
Analysts predict Bitcoin could cross the $100,000 threshold by year-end.
Lucas emphasized Bitcoin’s growing appeal:
Institutional and retail demand is at an all-time high, reinforcing its reputation as the go-to digital asset.
