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Investors Ditch ETH Temporarily As They Become More Risk-Averse

Cryptocurrency May 27, 2022 01:30PM ET
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Investors Ditch ETH Temporarily As They Become More Risk-Averse

  • Bitcoin is on track to continue its 8 week long losing streak, which is its longest losing track record in history.
  • ETH has dropped by 9.68% in the last 24 hours and 13.95% in the last week.
  • Traders are flocking to the first and largest crypto amid the current broad market sell-off as they become more risk-averse.

Bitcoin is on track to continue its 8-week-long losing streak, which is its longest losing track record in history. Should the price of Bitcoin (BTC) be unable to reclaim $30,300 in the next three days, then the world could see the downwards trend in its prices continue.

The second biggest crypto project by market cap, Ethereum (ETH), is trading at the lowest level relative to BTC in seven months.

Currently, the ETH/BTC ratio is approximately 0.061. This is the lowest it has been since October 2021. Additionally, ETH has slumped 37% in the last 30 days, while BTC slid 23% in the same time period.

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Investors Ditch ETH Temporarily As They Become More Risk-Averse
 

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