The price of Ether (ETH), the native cryptocurrency of Ethereum, has been stagnating against Bitcoin in recent days after a strong few weeks against BTC.
In the past few weeks, ETH and BTC have shown some inverse correlation as ETH rallied strongly when BTC consolidated, and vice versa.
ETH/BTC 15-minute price chart (Binance). Source: TradingView.com
So why is ETH struggling at the moment?
In the last several hours, Bitcoin has seen a decent rally after BNY Mellon said it would begin offering Bitcoin services later this year.
Roman Regelman, the CEO of BNY Mellon’s asset servicing and digital, said:
“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets. Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.”
The announcement almost immediately uplifted the momentum of Bitcoin, causing it to rally from around $45,500Title: Ethereum is struggling again vs. Bitcoin: Why is ETH/BTC showing weakness?
Sourced From: cointelegraph.com/news/ethereum-is-struggling-again-vs-bitcoin-why-is-eth-btc-showing-weakness
Published Date: Thu, 11 Feb 2021 18:26:27 +0000