Interesting trends sometimes arise that demonstrate the relationship between cryptos, including the two largest ones - Bitcoin and Ethereum.
The analysts in the cryptocurrency sector typically rely on chart patterns to try and gauge the price of digital assets in the future, but often interesting trends arise that demonstrate the relationship between some of these assets, including the two largest cryptocurrencies by market capitalization – Bitcoin (BTC) and Ethereum (ETH).
Indeed, despite the price of both Bitcoin and Ethereum being significantly higher today than six years ago, their correlation is at the same level – one BTC is currently worth 15 ETH, as it was at the time, according to the recent data noted by the crypto analyst PlanB and shared on April 20.
Bitcoin price expressed in Ethereum. Source: PlanB
Bitcoin vs. Ethereum price analysis
Specifically, the period to which this crypto analyst was referring is May 2017, when one Bitcoin was worth around 15 Ethereum, or roughly $2,000. At the same time, Ethereum was changing hands at around the $130 mark, as the historical price charts on CoinMarketCap indicate.
Bitcoin price in Ethereum in May 2017. Source: CoinMarketCap
As things stand, Bitcoin is worth 14.66 ETH, taking into account the price of the flagship decentralized finance (DeFi), which at press time amounted to $28,926, while Ethereum is currently trading at the price of $1,973, according to the latest data retrieved by Finbold on April 20.
Bitcoin’s price at present demonstrates a decline of 1.02% in the last 24 hours, as well as a 3.27% drop across the week, while still clinging to the 3.57% gains of the past 30 days. On the other hand, Ethereum’s price reflects a 0.25% decline on the day but an increase of 2.75% in the last week, while its gains on the monthly chart amount to 13.11%.
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