Benzinga – The Bitcoin-Ether ratio, a significant indicator in the cryptocurrency market, is suggesting a potential warning for the ongoing crypto rally.
What Happened: The ratio, which compares the price of Bitcoin (CRYPTO: BTC) with that of Ether (CRYPTO: ETH), has hit 20 this week, its highest level since April 2021. This implies a stronger demand for Bitcoin over Ether, reported Bloomberg on Friday.
According to crypto asset trading company QCP Capital, this could be an early sign of FOMO (fear of missing out) turning into fear, particularly if Ether is seen as a sentiment indicator for smaller tokens.
Bitcoin recently reached a record high of $73,798 in mid-March, driven by inflows into dedicated U.S. exchange-traded funds that launched in January. However, it has since dropped about 9% as ETF demand cooled.
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