Bitcoin dips again as Ethereum rises; ETHBTC close to three-year high

Bitcoin has dipped to a two-and-half-month low against Ethereum as the former falls and the latter rises.

Bitcoin was down 3.8 per cent to $US53,837 ($69,390) at 12.04 pm AEDT, while Ethereum was up 3.4 per cent to $US2,395 ($3,087).

One Bitcoin was buying 22.57 Ether – the least Ethereum one BTC could purchase since February 4, and close to levels set back in mid-2018.

The ETHBTC trading pair on Binance on the weekly chart, from 2018 to present.

On Crypto Twitter the trend was attracting attention.

To be brutally honest, I stare at the chart of ETH/BTC and I see an enormous rounded bottom with potentially huge breakout just above…. pic.twitter.com/85hfawq0bx

— Raoul Pal (@RaoulGMI) April 21, 2021

#Ethereum is continuing it’s period of rapid growth against #Bitcoin. On the weekly, 3 of the last 4 are big beefy green candles. The trend is higher highs and higher lows. ETH showing strength against BTC has historically been a very bullish sign for #altcoins. pic.twitter.com/VhRM7zKt9F

— Secrets (@SecretsOfCrypto) April 21, 2021

long ethbtc is the trade

— path.eth 🛡️ (@Cryptopathic) April 22, 2021

ETHBTC be like: pic.twitter.com/mt5M44NeZZ

— ALTBTC𝕔𝕪𝕔𝕝𝕖𝕤 🔄 (@JJcycles) April 21, 2021

Elsewhere the market was mostly in the red, with just 17 of the top 100 crypto assets on Coingecko gaining ground in the past 24 hours, and 78 losing it.

Horizen (ZEN) was the worst-performer, down 15 per cent to $US108 after yesterday’s 40 per cent rise.

Maker (MKR) and a privacy coin called Pirate Chain (ARRR) had both set all-time highs shortly before lunchtime, as DigiByte did yesterday afternoon.

Maker’s gains came as the decentralised finance governance token voted to create Ethereum tokens that will be backed by real estate.

Uniswap and Solana were both up by nearly 10 per cent, the only other (non-stablecoin) tokens outside of Ethereum in the top 20 to gain ground.