The recent collapse in crypto markets on Saturday took the price of Ethereum (ETH) on BTC to levels not seen since 2018.
The value of Ethereum over Bitcoin
As of today, an ETH is worth around 0.085 BTC, up 13% from a week ago, and 171% from 12 months ago.
The highest ever value of ETH in BTC was touched in mid-June 2017, when it came close to 0.150 BTC, before falling below 0.030 BTC in December of the same year.
In January 2018 there was another spike that brought it back above 0.100 BTC, but by the end of the year, it had already retreated to 0.025 BTC.
It wasn’t until May this year that it managed to get back above 0.050 BTC, but it still hasn’t managed to get back above 0.100.
However, in the last 12 months, the price of ETH in BTC has risen a lot, from 0.025 at the beginning of the year to the current 0.085. The current level is not far from the 0.081 BTC touched in May.
Ethereum performing better than Bitcoin
What is most surprising, however, is how well the price of ETH has held up compared to the price of BTC over the past two weeks.
On 18 November a BTC was worth about $60,000, while it is now worth about $48,000. The loss in this time frame has been 20%.
For ETH, by contrast, the loss over the same period has been much smaller. On 18 November the price of an ETH was around $4,200, while now it is just under $4,100. The loss since then has only been 2.5%.
This different dynamic in the trend of the two prices has led the price of ETH in BTC to rise from 0.070 to 0.085, an appreciation of 21% in just over two weeks.
Taking the prices at the end of September as a reference, BTC has since risen by 17% and ETH by 46%.
Although the price of ETH in BTC is currently still 43% lower than the all-time high of June 2017, ETH has performed significantly better than BTC during 2021. However, it is worth mentioning that in 2018 and 2019 it performed significantly worse, so this is in fact a bigger bounce from lower levels touched during the last big bear market.
It is worth noting that lately, thanks to the London upgrade, a certain number of ETH is being burned every day, although overall the supply on average continues to increase. This increase, however, is currently lower than that of the BTC supply.
The post Ethereum at highs on Bitcoin since 2018 appeared first on The Cryptonomist.
