The world of cryptocurrency can be complex and volatile, with many factors affecting the value of digital assets. Cryptocurrency analysts often use chart patterns to predict future price movements, but sometimes interesting trends emerge that reveal the relationship between different cryptocurrencies. The two largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH), have demonstrated an intriguing correlation that has remained consistent over the years.
Recent data, shared by crypto analyst PlanB on April 20, reveals that the correlation between Bitcoin and Ethereum has remained the same over the past six years, despite the significant increase in their prices. One BTC is currently worth 15 ETH, which was the same ratio back in May 2017. At that time, Bitcoin was worth roughly $2,000 and one ETH was trading at around $130, according to historical price charts on CoinMarketCap.
Fast forward to April 2023, and Bitcoin is now worth 14.66 ETH, with the flagship decentralized finance (DeFi) trading at $28,926. Meanwhile, Ethereum is currently trading at $1,973, according to the latest data retrieved by Finbold on April 20. Despite the price differences, the correlation remains the same, suggesting that the relationship between these two cryptocurrencies is here to stay.
While this correlation may be interesting for crypto enthusiasts, it’s important to remember that cryptocurrency is a highly speculative and volatile market. Any investment in digital assets should be made with caution and after thorough research. This blog post is not financial advice, and there may be errors or inaccuracies in the information provided. As with any investment, it’s essential to do your own research and seek professional advice before making any financial decisions.