Bitcoin

Ethereum outperforms bitcoin by the most since its inception – The Australian Financial Review


The token is making a run toward record highs once again, a rally whose trek was upended at the end of last week amid wider risk-asset turmoil. But after it bounced off its 50-day moving average on Monday, Ether has broken out to the upside and has advanced around 13 per cent since Friday.

So-called meme coins Shiba Inu and Dogecoin climbed in value amid the rally in Ether. Shiba was up 26 per cent in the last 24 hours and Dogecoin edged 3.1 per cent higher, according to Coinmarketcap.com.

Ether rose as much as 4.9 per cent on Tuesday (early Wednesday AEDT) to around $US4671. Last week, investors bought roughly $US23 million of Ether, marking its fifth consecutive week of inflows, according to data compiled by CoinShares, a digital-asset manager.

Ether has outrun bitcoin in all but four months so far this year and is closing November with a second straight month of outperformance. Right now, one Ether is the equivalent of about 8 per cent of a bitcoin.

Bitcoin was little changed at about $US58,243 on Tuesday, down from a record high of almost $US69,000 earlier this month.

“I don’t want to get too excited about this move too quickly. However, Ethereum has been outperforming bitcoin over the past month,” said Matt Maley, chief market strategist for Miller Tabak + Co. Should it break out above its mid-November highs while bitcoin continues to sit below both its mid-November and its April highs, it will show that Ether has become the new crypto of choice for most investors, he added.

Bloomberg



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