Ethereum hits 3-week high vs. Bitcoin amid Fed-led market rout
Cointelegraph
Published May 06, 2022 10:05AM ET
Updated May 07, 2022 12:20PM ET
Ethereum's native token Ether (ETH) tumbled to its worst levels in almost two months against the U.S. dollar on May 6 as the rout in financial markets rippled across the cryptocurrency sector. Nonetheless, ETH did fare better than Bitcoin (BTC) with the ETH/BTC pair hitting a three-week high.
Many analysts credited Ethereum's merge to proof-of-stake from proof-of-work as one of the key reasons behind the capital rotation from Ether to Bitcoin markets, including Toast.ETH, a pseudonymous analyst who underscored Ether's ongoing supply reduction as another reason why ETH may be currently outperforming BTC.
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Written By: Cointelegraph
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