Bitcoin (BTC) has continued to strengthen its position against Ethereum (ETH), with the ETH/BTC ratio falling to a new low of 0.052, levels not seen since June 2022. This comes amid the flagship cryptocurrency’s massive rally.
BTC clears the $44,000
Bitcoin’s recent surge has not only bolstered its standing against Ethereum but has also seen it break past the $44,000 mark on the Bitstamp exchange.
This rally has caught many by surprise and led to a precarious situation for bearish investors. According to data provided by CoinGlass, $159.61 million worth of short positions has been liquidated over the past 24 hours.
A short squeeze, where investors who have bet against the price of an asset are forced to buy back into the market to cover their positions as prices rise, could be on the horizon.
This phenomenon could propel Bitcoin’s price even higher as demand from these covering positions adds to the buying pressure.
Bitcoin’s dominance keeps climbing
Bitcoin has outshone other digital assets, recording superior performance on a 24-hour basis. Ethereum saw a modest 1.9% increase. Meanwhile, Bitcoin’s price jumped by 4.0%. This has pushed its market dominance to an impressive 51.3%.
This outperformance is reflective of the market’s current confidence in the crypto king, which is enjoying the spotlight because of the ETF hype.
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