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Ether struggling to keep up with BTC today

11 Oct, 2021

The rise above a noted resistance level on BTC, at 56,363 has been extended a little more since an earlier update on its progress here earlier today. However, a corresponding gain for its nearest rival, Ethereum (ETHUSD) has not yet materialised. That is simply because the relative price between the two has shifted further in favour of BTC versus Ether. It was interesting listening to the famous founder of Citadel securities over the weekend, and his disparaging view on cryptocurrencies. Ken Griffin noted the damage that Crypto mining is having on the planet and in truth he is not wrong. No matter though because BTC is ignoring such comments so far today as indeed it has from any Chinese ban since that was implemented. The market does not care it seems. Greed is good and damn the cost to the planet seems to be the mantra and that has certainly played out in the price action on BTC so far today. That is a little perverse when it comes to Ether, because right now one could be forgiven for thinking it should be performing better in relative terms. Perhaps it will, but so far today not so. ETHUSD is just now trading at $3,567
 

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