Over the past few days, the price of Ether seems to be mimicking that of Bitcoin’s price. The correlation of Ethereum price to Bitcoin is going up despite the differences in value propositions. The correlation between both the cryptocurrency is at an upwards trend, although lower than what it during the crypto market meltdown in March.
Ethereum Price Correlates to Bitcoin
Ethereum too like Bitcoin had to face a downward trend while trading around $596 then slipping by 2% in the past 24 hours.
CEO of crypto custody provider Tritium, John Willock mentions to Coindesk regarding the close trending lines between Bitcoin and Ether:
“Both assets have definitely seen a U.S. dollar-priced upswing, and though BTC has been the one to have a lot of recent news around its proximity to all-time highs, Ethereum has been the real star of the summer of DeFi and into the fall compared to BTC.”
Both the cryptocurrencies were trading at a close call in its price line shows that Ethereum’s 2.0 Beacon Chain launch differentiates some of its use case aspects.
Meanwhile, the all-time high of Ether cryptocurrency was over $1,400. Crypto analysts are of the opinion that the cryptocurrency seems like a good buy in the ongoing bull market.
Bitcoin Drops By 2.1%, Market Sentiment Remain Bullish
Bitcoin (BTC) is currently trading somewhere around $19,000. The price of the cryptocurrency dropped by almost 2.1% over the past 24 hours, however market sentiment remains bullish.
The bullish sentiment comes from the cryptocurrency being above its 10-day and 50-day moving average. The past 24-hour price range of the cryptocurrency was somewhere between $18,171-$19,920.
Data indicates that the price of Bitcoin over the past 24 hours moved as high as $19,920 before coming to a halt. A significant number of sell orders caused the price of the cryptocurrency to hit as low as $18,171 before recovering. As of the publication time, it was as low as $19,123.70.