History usually recycles itself, and the present is nothing but the rhyming version of the past. In that, it wouldn’t be wrong to state that such cyclicity applies to the crypto-market as well. In essence, past precedents cannot be undermined.
At this stage, the market’s largest altcoin is stuck at an indecisive juncture. Ergo, it makes sense to look behind and draw parallels to see if there are some answers to be found.
At this point, the ETH/BTC spot volumes are at their mid-April levels. Notably, it was during that period when Bitcoin went on to hit its $64k ATH and Ethereum’s price simultaneously started gaining steam. The crypto went on to cross the $4k level in subsequent weeks. Now that it’s back to its former levels, are we heading towards a new all-time high anytime soon?
Source: Skew
For Ethereum’s price to climb up the ladder, trade volumes have to go up. As can be observed from the chart attached herein, ETH’s spot trading volume against Bitcoin has been dropping of late. Even though there was a spike witnessed towards the end of June, the same level could not sustain itself for long.
As a matter of fact, the mid-April levels were also as low, but Ethereum’s rally got the kickstart it required from Bitcoin. However, keeping the current state[1] of Bitcoin in mind, Ethereum’s sluggishness is set to prolong itself for a few more days. At the time of writing, ETH was trading around the $1850 price band, having fallen by 11% over the past week.
To make things worse, other on-chain metrics did not look compelling at the time of writing. The daily transactions chart[2], for that matter, did not record any drastic spike over the last few days. Based
