The U.S. presidential election results are gradually being announced, and Trump’s favorable prospects have once driven Bitcoin to soar, reaching $75,000 in the morning and setting a new all-time high. In contrast, Ethereum only rose by 6.3%, still 46.8% away from its previous high, while the ETH/BTC ratio fell below 0.035, continuing to hit a new low since March 2021.
(Previous context: Bitcoin breaks through $75,200, setting a new all-time high! With a single-day increase of over 8.8%, it crushes the bears.)
(Background supplement: Musk calls for “Dark MAGA Assemble,” causing meme coin DMAGA to surge 160%, and Trump’s Polymarket odds soar past 86%.)
Table of Contents
– BTC Daily Gains Equivalent to Entire October Gains
– ETH/BTC Hits New Low
– Why Trump Can’t Save ETH
– Analysts Skeptical of ETH/BTC Reversal
The U.S. presidential election votes are being counted today. As Trump once had a significant lead (in the morning, Trump had double the votes of Kamala Harris), the cryptocurrency market has already reacted, experiencing a substantial surge.
According to Binance spot market data, Bitcoin briefly reached $75,000 around 11 AM, setting a new all-time high, with a cumulative daily gain of 10.48%, equivalent to the entire month’s gain in October (10.76%). Before the deadline, it was reported at $74,538, up 8.6% in the past 24 hours. Currently, volatility is high, and investors should be cautious of risks.
BTC Price Trend Chart
Driven by Bitcoin, the cryptocurrency market has seen a general rise, with DOGE soaring 27%. Among other L1 public chains, SOL performed outstandingly, rising 14.6%, surpassing Bitcoin’s gains. However, Ethereum only increased by 6.3%, lagging behind Bitcoin.
This has caused the ETH/BTC ratio to hit a new low. According to TradingView data, the ETH/BTC ratio fell below 0.035, reaching a low of 0.03466, the lowest since March 2021. At the time of writing, the ETH/BTC ratio was temporarily reported at 0.0348.
The weak performance of ETH in this cycle has raised continuous doubts and FUD in the market about its future, mainly revolving around the following two points:
Lack of Application Advantage: Compared to infrastructure, the market in this cycle values specific applications more, and the current most eye-catching application narratives such as AI and payment are not Ethereum’s strengths, which relatively weakens Ethereum’s appeal.
L2 Development Dividends Cannot Benefit Ethereum: Although the L2 ecosystem is developing rapidly, Ethereum cannot benefit from the prosperity of L2.
In the context of other cryptocurrencies continuing to rise, if Ethereum’s price remains below $3,000, it will further weaken its market position and confidence accumulated over the past 10 years, leading funds to flow more towards other projects, creating a vicious cycle and making it difficult for Ethereum’s price to break through.
Additionally, after the Dencun upgrade, ETH has returned to inflation, and the listing of Ethereum spot ETFs has failed to attract market funds, further reducing investor confidence in Ethereum.
Regarding the continued new low of the ETH/BTC trend, some investors expect a rebound. However, market analyst Zach Voell believes that the currency pair “sees no reversal.” He states:
Cryptocurrency commentator Colin Talks Crypto holds the same position, saying: ETH/BTC will fall more. He expects it to drop to the 0.025~0.03 level.
?Related Reports?
– Bitfinex: Bitcoin will experience significant volatility “within three days” after the U.S. election! Concerns over altcoin gains
– Key Time Points of the U.S. Presidential Election: Trump and Kamala Harris “battle in seven swing states,” when is the earliest result expected?
– Is Trump steadily winning? Temporarily leading Kamala Harris by nearly double, boldly declaring: Winning Pennsylvania means I win the election.