ETH/BTC hits 5-year low as trader suggests rotation into stronger alts

Ethereum's worth against Bitcoin has deed its lowest level since mid-2020, with a crypto trader suggesting that it mightiness beryllium clip to displacement into higher-performing altcoins.

“If inactive stuck connected ETH, it is apt a bully clip to dump it to bargain a higher beta altcoin,” economist and crypto trader Alex Kruger said successful a March 12 X post.

ETH/BTC ratio is an altcoin play indicator

“If the marketplace goes down, you’ll apt suffer arsenic successful some cases, but if it goes up, you’ll apt outperform importantly and tin past swap into BTC,” Kruger opined.

The ETH/BTC ratio — which shows Ether’s comparative spot compared to Bitcoin — is sitting astatine 0.02281, its lowest level successful astir 5 years, according to TradingView data. 

Bitcoin Dominance is 0.02281 astatine the clip of publication. Source: TradingView

Both the starring cryptocurrencies by marketplace headdress are trading beneath cardinal intelligence terms levels. Bitcoin is trading astatine $83,667 — having remained beneath the $100,000 level since Feb. 5 — portion Ether (ETH) is astatine $1,907, floating beneath $2,000 since March 10.

Meanwhile, the Crypto Fear & Greed Index, which measures wide marketplace sentiment, work a “Fear” people of 45, up 11 points from yesterday’s score.

The Crypto Fear & Greed Index is speechmaking a “Fear” people of 45. Source: alternative.me

Many successful the crypto manufacture spot the ETH/BTC ratio “bottoming out” arsenic a motion that altcoin play could footwear off. On Feb. 14, Into The Cryptoverse laminitis Benjamin Cowen said connected X to get an altcoin season, “ETH/BTC needs to bottommost and commencement trending higher.”

Bitcoin play could dominate

However, different indicators suggest that altcoin play whitethorn not travel truthful soon, and Bitcoin (BTC) whitethorn proceed to clasp marketplace stock successful the adjacent term.

CoinMarketCap’s Altcoin Season Index — which bases the show of the apical 100 altcoins comparative to Bitcoin implicit the past 90 days — reads a people of 13 retired of 100, leaning much toward Bitcoin season.

Related: Crypto whale liquidated for $308M successful leveraged Ether trade

Pseudonymous crypto trader and Pear Protocol advisor Hansolar said successful a March 13 X station that it volition beryllium Bitcoin play “all twelvemonth round.”

The trader said altcoin play was lone 16 days past twelvemonth and happened erstwhile Bitcoin’s Dominance dropped from 61% connected Nov. 20 to 55% connected Dec. 5 earlier rebounding to 59% by Dec. 21.

At the clip of publication, Bitcoin dominance stands astatine 62.15%, according to TradingView.

When Ether deed its all-time precocious of $4,800 successful November 2021, Bitcoin's dominance was astir 42%.

Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.