Ethereum's True Value Connected to Bitcoin
With the recent price explosion of Ethereum where will ETH go? Will it continue to rise or will we see a fall..
Or has Ethereum already crashed..
For most beginners in this space, when they look at the price of Ethereum, they look at the price in USD. This means that this is the chart they’re looking at:
From this graph, it looks like Ethereum is at an ATH and might come crashing back down at any moment. But talking to investors in the blockchain industry, this is not how they judge ETH (or any cryptocurrency). They truly don’t care about the amount of USD in their portfolio. Instead, they care about how a cryptocurrency is doing compared to BTC.
When you analyze ETH from that perspective, here is what the cryptocurrency looks like:
Looking at this comparison, ETH has been falling in price since June and is actually close to it’s beginning of year BTC amount (.05 BTC). So to traders involved with cryptocurrency day trading, ETH has seemed like a loser for quite some time.
I'm not looking to make any predictions about the price based off this, but I think it’s interesting to see things from the perspective of the traders deciding the price of cryptocurrency assets.
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BTC - 12wdpYSqc2cZ4m8Y34y69cPnSQXDUg7trX
ETH - 0xaf22d283a3cccb664169e5f2e51ccb418842a4d2
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