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ETH/BTC Touches Impressive 0.04 Level Unseen Since 2018

Prior to today's bloody recession, Ethereum (ETH) managed to achieve one psychological threshold in terms of the ETH/BTC rate. The king coin was worth less than 25 ETH

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Amidst today's correction, which has already stolen 7.4% of the Bitcoin (BTC) price and 12.6% of the Ethereum (ETH) price, one sensitive milestone has every chance of going unnoticed. However, it can be an indicator of a significant mid-term trend.

One more local high for Ethereum (ETH)

In their recent tweet, the Skew analytical team that addresses the sphere of cryptocurrencies derivatives trading, has announced a crucial milestone. The Bitcoin (BTC) price calculated in Ethers has not been so low since uber-bearish December 2018.

The ETH/BTC ratio showcased by Skew researchers has reached 4%; one Bitcoin (BTC) was equal to 25 Ethers. This phase of "flippening" is the result of the steady growth of the Ethereum (ETH) price calculated in Bitcoins (BTC).

For months, the level of 0.03 was considered a crucial one for ETH/BTC. It was surpassed in late July 2020 for the first time since 2019, which injected new life into "altcoin season" or the "altcoin spring" narrative.

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👉 MUST READ Ethereum (ETH) Contracts Traders Optimistic About Ether Progress: Skew Analystsrelated article image

After 0.03 BTC/ETH, the level of optimism among Ethereum (ETH) futures traders increased. According to Skew statistics, almost 5% of Ethereum (ETH) contracts market participants expected Ether to close 2020 over $800.

Bitcoin (BTC) dominance sits below 60% for 30 days in a row

The Bitcoin dominance (BTC.D) ratio is another meaningful indicator typically utilized for "altcoin season" detection. It refers to the ratio of Bitcoin's market capitalization to the overall market capitalization of recognized digital assets.

One month ago it dropped below 60% for the first time since July 2019. Many analysts treated this as a short-term swing, but altcoins managed to suppress BTC.D below 60%.

BTC.D stays below 60% for 30 days in a row
Image by Coingecko

As covered by CryptoComes previously, in August 2020 the Ethereum (ETH) price surpassed Bitcoin's (BTC) on the 24-hour trading volume several times.

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Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)