ETH/BTC Chart Further Demonstrates a Bullish Ethereum. Further checking the ETH/BTC chart courtesy of Tradingview, it can be observed that the value of Ethereum denominated in Bitcoin, is at the cusp of testing levels last seen in June 2019.
Furthermore, the current Ethereum value at 0.0307 Satoshi was also experienced in December 2017 and before the massive push by Ethereum to $1,440 less than one month later.
Summing it up, the short term correlation between Ethereum and Bitcoin is beginning to drop. The last time there was a significant drop in its value was in 2017 and right before Ethereum catapulted to its all-time high value around $1,440.
Checking the ETH/BTC chart also reveals that Ethereum is gaining momentum against Bitcoin with its value of $0.0307 Sats last seen in June 2019 and December 2017. In the latter case, it preceded the massive drive up by all digital assets to their all-time high values in late 2017 and early 2018.
Although history does not usually repeat itself 100%, it might be prudent to consider that the crypto markets are at the beginning of a possible bull market.
- The short term correlation between Ethereum and Bitcoin is gradually dropping.
- The drop could signal the end of a 3-year high correlation between BTC and ETH.
- The last time Ethereum’s correlation with Bitcoin dropped significantly, was in 2017 and before the crypto-wide bull cycle.
The short term correlation between Ethereum (ETH) and Bitcoin is experiencing a drop that could signal a return of a bull market across the board for all digital assets. The last time this correlation dropped as it is now, was in 2017 and before the crypto-wide bull run that peaked between December 2017 and January 2018. This feat was captured by the team at Skew via the following Tweet.
Short-term correlation between #bitcoin and ether is dropping further.
Is this officially the end of a nearly three years long high correlation regime and the come back of the good days? pic.twitter.com/amXBzcC7la
– skew (@skewdotcom) August 1, 2020
Furthermore, Crypto Analyst, Yassine Elmandjra of Ark Invest, further reiterated the possibility of there being a crypto wide bull season.
The 30-day BTC ETH correlation has dropped to 2.5 year lows. The last time we saw a drop this quick and dramatic was at the start of the 2017 boom.