BTC 30.8k but dominance barely moved at 41.8%. BTCETH also barely moved at 0.073.
The sell off looks pretty savage on the 4hr.
Waiting for 28.8k target which is previous bottom.
Capitulation move in full is generally -50%. This started from 38k which gives us a target of 19k.
ETHBtC needs to sell off to 0.055 then rug pull to 0.03
ETH circulating supply is around 120 million
BTC circulating supply is around 19 million
There's 6.3 times more ETH in supply than Bitcoin
1/6.3 = 0.16 rounded off
0.073 ETH is undervalued against BTC in my opinion. To be honest ETH should be at $5,000 right now if only the supply of ETH vs BTC is looked at. ETH has other benefits like staking which provides incentives to hold. The ETH merge narrative, all the use cases, network effect, the potential deflation in the horizon, and the reduced energy consumption in the switch to POS.
Interesting that ZEC has the same max supply cap as BTC at 21 million.
I personally hold zero BTC. It's not interesting to me. Dorsey claims ETH is not interesting to him because it has many single points of failure. First he never really gave examples. BTC's weakness to me is the high energy consumption and the question about what will secure the network once the last bit of BTC has been mined. As a store of value the slow transaction speed is not an issue with BTC IMO.