The price of Ethereum (ETH) in Bitcoin is at its highest in three years.
The ETH/BTC chart clearly shows a strong upward trend that started in April and is apparently still ongoing.
The price of Ethereum on Bitcoin
By far, ETH’s all-time high was recorded on June 12, 2017, when it surpassed 0.14 BTC. That peak has never been approached again, not even during the speculative bubble of late 2017 when ETH merely surpassed 0.11 BTC on February 1, 2018.
It is worth noting that those two peaks were not recorded on the same days when Ethereum’s dollar price was making annual highs.
During 2018, however, the price of ETH in BTC collapsed to below 0.026 BTC in mid-December.
This triggered a long lateralization phase, with a low of below 0.018 BTC between September and December of the following year, which lasted until January of this year.
In fact, on 3 January 2021, the price of ETH in BTC was still 0.024, i.e. below the low peak of 2018.
At the end of March it was still 0.03 BTC, but had already shown signs of being able to rise further.
The first boom was in April, so much so that the price of ETH rose to 0.08 BTC on 15 May. Since then, a lateralization was triggered which saw ETH fluctuate between 0.06 and 0.08 BTC until November 30, when it managed to break through that threshold as well.
It hit its annual high on 9 December, when it approached 0.09 BTC. It had not reached that level since 15 February 2018, so the current level is the highest in the last three years.
Ethereum more resilient than Bitcoin
Compared to June 2017’s 0.14 BTC it is still 35% down, and there are currently no unequivocal signs that it could return to those levels, but if Bitcoin’s price seems to be going through a period of weakness at the moment, Ethereum’s seems strong.
In fact, the price of BTC in dollars is 28% lower than the all-time high of a month ago, while that of ETH is only 17% lower. Incidentally, the two all-time highs were recorded on the same day, 10 November 2021, when an ETH was worth around 0.07 BTC.
In light of this data, it seems that the price of Ethereum is currently going through a more solid phase than the weaker phase that Bitcoin is experiencing.
The post Ethereum at record highs against Bitcoin for three years appeared first on The Cryptonomist.
