ETH price has underperformed Bitcoin, but Glassnode analysts say data suggests the crypto market remains in the “early stages of a macro uptrend.”
Etheruem's (ETH) price continues to underperform compared to Bitcoin’s 2024 gains, but Glassnode analysts suggest that brighter days could lie ahead.
Data from Cointelegraph Markets Pro and TradingView shows that Ethereum has been underperforming Bitcoin over the last two years, resulting in a weaker ETH/BTC ratio, which reached a low of $0.04622 on May 1, the lowest since April 2021.
Glassnode said Ethereum’s under-performance this cycle relative to Bitcoin is due to a “measurable lag in speculative interest” from the STH cohort.
