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ETH/BTC: Ethereum Bottom Might Be In, CryptoQuant Says

UToday
ETH-1.47%
BTC-0.14%

According to analytics firm CryptoQuant, Ethereum (ETH), the leading altcoin, has likely bottomed against Bitcoin (BTC)

The firm has noted that the ETH/BTC ratio has already skyrocketed by a whopping 38% from its multi-year low

This signals that the cryptocurrency is currently experiencing growing demand and declining selling pressure

Ethereum’s sudden comeback could pave the way for a new altcoin season, according to the analytics firm

At press time, Ethereum (ETH) is changing hands at $2,584 after adding 1.9% over the past 24 hours.

The market cap of ETH has swelled to well over $300 billion, which puts the cryptocurrency way above XRP, its biggest non-stablecoin competitor

Meanwhile, Bitcoin dominance has taken a significant hit, currently teetering on the verge of collapsing below the 60% level.

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