- The ETH:BTC ratio is currently at 0.042, its highest level in over two years.
- In June 2017, the ratio hit an all-time high of 0.14.
- Bitcoin still holds 62% dominance over the market. A ratio of 0.164 would be needed for Ethereum to overtake Bitcoin’s market cap today.
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The ETH:BTC ratio between Ethereum and Bitcoin is climbing.
Ethereum hit a new all-time high of $1,445 last night, pushing the ETH:BTC ratio to 0.044. It’s now hovering at 0.042.
“The Flippening” Still A Long Way Off
The last time the ratio was as high as 0.04 was in August 2018.
The ratio is of particular interest to traders as it essentially tracks how many Ether it would cost to buy one Bitcoin. At 0.042, 1 Bitcoin is worth roughly 24 Ether.
The current level bodes well for Ethereum, hitting new record highs over the last few days. In the last seven days, Bitcoin is down 6.8%, while Ether has registered a 15.1% gain.
Nonetheless, the ratio is way short of the levels it’s been in the past. In January 2018, it crossed 0.1. That was when Bitcoin had surged to $19,600 the previous month and was beginning to cool off, while Ether climbed to a high of $1,420.
Similarly, a few months before that, in June 2017, the ratio hit an all-time high of 0.14. It led to calls for “The Flippening”—an event where Ethereum would overtake Bitcoin’s market cap. For that to happen today, the ratio would need to be closer to 0.164, meaning a price of around $5,450 for Ether.
Though significantly short in price for “The Flippening,” Ethereum has passed Bitcoin on other key metrics. Several dedicated analytics sites are currently tracking the two assets’ performance, showing that the total transactions and transaction fees on Ethereum are higher than that of Bitcoin.
Ethereum’s current market cap is $162 billion—roughly 26% of Bitcoin’s $621 billion. Bitcoin holds around 62% of the total cryptocurrency market cap dominance, while Ethereum trails with only 16%.
Disclosure: At the time of writing, the author of this feature owned ETH, among a number of other cryptocurrencies.
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