Bitcoin is edging closer to the $90,000 mark following a strong price surge that coincided with rising trade conflict between the United States and China.
Data from CryptoSlate shows that the top crypto spiked to as high as $89,822, its highest point since March, as the US market was about to open on April 22.
The upward move reflects growing investor interest in hedge assets, with Bitcoin appearing to benefit from the same safe-haven appeal that recently pushed gold to a new all-time high of $3,500 per ounce. Over the past 12 months, gold prices have risen by more than 50%, now outperforming the S&P 500 since the start of 2020.
Bitcoin’s rally suggests that it may be catching up, as both assets respond to mounting macroeconomic uncertainty.
Ethereum struggles
While Bitcoin gains strength, Ethereum is heading in the opposite direction. The ETH/BTC ratio has fallen to 0.018, its weakest reading in over five years, based on TradingView data.
Over the past year, Ethereum has underperformed significantly versus Bitcoin. The ETH/BTC pair has dropped more than 62%, reflecting weaker demand and fading market confidence.
As a result, Ethereum’s price struggles have led to a sharp drop in its market dominance.
Currently, ETH accounts for just around 7% of the total crypto market cap, the lowest share since May 2019.
Market analysts attribute this trend to weaker institutional interest in Ethereum compared to Bitcoin and a lack of major catalysts pushing ETH price action.
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