{"id":553036,"date":"2023-09-27T01:00:24","date_gmt":"2023-09-27T01:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=553036"},"modified":"2024-06-11T08:10:37","modified_gmt":"2024-06-11T08:10:37","slug":"bitcoin-price-up-30-versus-ethereum-new-2023-lows-incoming","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-up-30-versus-ethereum-new-2023-lows-incoming\/","title":{"rendered":"Bitcoin Price Up 30% Versus Ethereum, New 2023 Lows Incoming?"},"content":{"rendered":"

Bitcoin price is up 30% versus Ethereum (ETH) in 2023, and bulls appear not to be slowing down, looking at the performance in the weekly chart. BTC is on the brink of pushing ETH lower at spot rates, registering new 2023 lows and extending gains from early this year.<\/span><\/p>\n

The Downtrend Remains: Will Bitcoin Extend Rally?<\/span><\/h2>\n

Bitcoin bulls are in the driving seat. Candlestick arrangement in the weekly chart shows that BTC pushed on, extending its rally against the second most valuable coin despite attempts for higher highs in mid-August.\u00a0<\/span><\/p>\n

In the second week of August, ETH added roughly 7% versus BTC. Notably, this expansion was after a period of horizontal consolidation as momentum shifted in favor of ETH. However, bears reversed gains and continued the primary trend established since the beginning of the year.<\/span><\/p>\n

Related Reading: XRP Ledger Developer Xumm Reveals \u201cInfrastructure Overhaul,\u201d More Than An Upgrade?<\/a><\/div>\n

The medium trajectory seems to be guided by events in mid-March 2023. Then, ETH prices devalued drastically versus Bitcoin, forming a bearish engulfing bar marked by a spike in trading volume. The surging demand for BTC saw prices reverse progress in late October 2022.\u00a0<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin versus Ethereum price trend on September 26| Source: ETHBTC on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Bitcoin bulls have since extended gains versus Ethereum. However, one notable formation is that BTC is rallying at the back of light trading volume. Since the rally of BTC in Q1 2023 versus ETH, trading volume has been contracting despite prices printing lower lows.\u00a0<\/span><\/p>\n

Regulatory Pressure, Hacks In Focus, Will Halving Spark Demand?<\/span><\/h2>\n

It cannot be immediately ascertained whether the current draw-down will continue. The level of participation has significantly decreased in the last six months as sentiment dipped.\u00a0<\/span><\/p>\n

Over the past two quarters, the involvement of regulators, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), seems to have negatively impacted activity.<\/span><\/p>\n

In early June, the SEC sued Coinbase and Binance, two of the world\u2019s leading cryptocurrency exchanges. The regulator cited various claims, accusing Coinbase of listing unregistered securities and Binance of, among other charges, manipulation and violating different securities laws. Binance and Coinbase plan to defend themselves against the SEC.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Spot Trading Volume Hit Six-Year Low \u2013 Is Investor Confidence Rising?<\/a><\/div>\n

Besides regulations, the broader community remains cautious, considering the number of hacks targeting multiple exchanges and decentralized finance (DeFi) protocols. Some of these exploits have been linked to the Lazarus Group, a notorious cell allegedly sponsored by North Korea.<\/span><\/p>\n

Despite the general market lull, traders look forward to the upcoming Bitcoin halving event in 2024. The event will create a supply shock, making BTC scarcer. Whether this will see BTC press ETH even lower back to June 2022 lows is yet to be seen.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin price is up 30% versus Ethereum (ETH) in 2023, and bulls appear not to be slowing down, looking at the performance in the weekly chart. BTC is on the brink of pushing ETH lower at spot rates, registering new 2023 lows and extending gains from early this year. The Downtrend Remains: Will Bitcoin Extend Rally? Bitcoin bulls are in the driving seat. Candlestick arrangement in the weekly chart shows that BTC pushed on, extending its rally against the second most valuable coin despite attempts for higher highs in mid-August.\u00a0 In the second week of August, ETH added roughly 7% versus BTC. Notably, this expansion was after a period of horizontal consolidation as momentum shifted in favor of ETH. However, bears reversed gains and continued the primary trend established since the beginning of the year. Related Reading: XRP Ledger Developer Xumm Reveals \u201cInfrastructure Overhaul,\u201d More Than An Upgrade? The medium trajectory seems to be guided by events in mid-March 2023. Then, ETH prices devalued drastically versus Bitcoin, forming a bearish engulfing bar marked by a spike in trading volume. The surging demand for BTC saw prices reverse progress in late October 2022.\u00a0 Bitcoin bulls have since extended gains versus Ethereum. However, one notable formation is that BTC is rallying at the back of light trading volume. Since the rally of BTC in Q1 2023 versus ETH, trading volume has been contracting despite prices printing lower lows.\u00a0 Regulatory Pressure, Hacks In Focus, Will Halving Spark Demand? It cannot be immediately ascertained whether the current draw-down will continue. The level of participation has significantly decreased in the last six months as sentiment dipped.\u00a0 Over the past two quarters, the involvement of regulators, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), seems to have negatively impacted activity. In early June, the SEC sued Coinbase and Binance, two of the world\u2019s leading cryptocurrency exchanges. The regulator cited various claims, accusing Coinbase of listing unregistered securities and Binance of, among other charges, manipulation and violating different securities laws. Binance and Coinbase plan to defend themselves against the SEC.\u00a0 Related Reading: Bitcoin Spot Trading Volume Hit Six-Year Low \u2013 Is Investor Confidence Rising? Besides regulations, the broader community remains cautious, considering the number of hacks targeting multiple exchanges and decentralized finance (DeFi) protocols. Some of these exploits have been linked to the Lazarus Group, a notorious cell allegedly sponsored by North Korea. Despite the general market lull, traders look forward to the upcoming Bitcoin halving event in 2024. The event will create a supply shock, making BTC scarcer. Whether this will see BTC press ETH even lower back to June 2022 lows is yet to be seen. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":553038,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,8856,1393,1946,3799],"class_list":["post-553036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-bitcoin-halving","tag-coinbase","tag-ethereum","tag-sec"],"acf":[],"yoast_head":"\nBitcoin Price Up 30% Versus Ethereum, New 2023 Lows Incoming?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is stretching gains versus Ethereum, looking at price action in the weekly chart. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Up 30% Versus Ethereum, New 2023 Lows Incoming?","url":"http:\/\/wncen.com\/news\/bitcoin-price-up-30-versus-ethereum-new-2023-lows-incoming\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-up-30-versus-ethereum-new-2023-lows-incoming\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-news-Template57.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-news-Template57.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","bitcoin halving","coinbase","ethereum","sec"],"dateCreated":"2023-09-27T01:00:24Z","datePublished":"2023-09-27T01:00:24Z","dateModified":"2024-06-11T08:10:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Up 30% Versus Ethereum, New 2023 Lows Incoming?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-up-30-versus-ethereum-new-2023-lows-incoming\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-up-30-versus-ethereum-new-2023-lows-incoming\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-news-Template57.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-news-Template57.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"bitcoin halving\",\"coinbase\",\"ethereum\",\"sec\"],\"dateCreated\":\"2023-09-27T01:00:24Z\",\"datePublished\":\"2023-09-27T01:00:24Z\",\"dateModified\":\"2024-06-11T08:10:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-news-Template57.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=553036"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/553038"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=553036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=553036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=553036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}