Data: SOL/ETH ratio hits a new all-time high of 0.0595
On August 7th, according to Cointelegraph, following the market turmoil-induced sell-off, the SOL/ETH ratio reached a new all-time high. According to TradingView data, the SOL/ETH ratio reached a new high of 0.0595 on August 6th. The sell-off was caused by turmoil in traditional financial markets, large-scale selling by Jump Crypto, and broader macroeconomic uncertainty.On August 5th, Ethereum (ETH) prices fell 22%, while Solana (SOL) prices fell 36%. However, after the sell-off, SOL prices rebounded 35% from a local low of $110 to reach $144, while ETH prices only rebounded 15% from a yearly low of $2,157 to $2,463.Previously, the SOL/ETH ratio reached 0.0591 in March, when Solana prices rose sharply and market capitalization hit a new high.In addition, as market participants became overly optimistic about ETH, Spectral Labs launched an AI-driven robot that automatically shorts ETH when traders on social media hold an extremely bullish attitude towards ETH/BTC.
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