Ethereum Beats Bitcoin As Bitmine Adds 9946 ETH

Ethereum is leaving Bitcoin in the dust lately, posting a solid 24 percent gain over the past month while Bitcoin managed an 8 percent rise. The ETH to BTC ratio recently climbed to 0.03, hitting its highest level in three months. Traders are taking notice as spot exchange traded funds pull in steady inflows and market momentum picks up steam.

Driving a big chunk of this institutional excitement, Bitmine Immersion Technologies just added another 9,946 ETH to its balance sheet. This latest buy pushes the company's total stash to an eye watering 5,787,414 ETH, worth roughly 11.2 billion dollars. Bitmine is not just sitting on the coins either, as they currently stake about 85 percent of their holdings to earn extra rewards.

Executive Chairman Tom Lee pointed out that key resistance zones sit between 2,000 and 2,500 dollars as the rally continues. Even with these strong gains, Ethereum still trades well below its all time high of 4,946 dollars. Watchers will be keeping a close eye on ETF inflows and the ETH to BTC ratio to see if this strength keeps rolling.