3 Reasons the Ether-Bitcoin Ratio Rose to 3 1/2-Year Highs as Crypto Crashed

Posted on by American Coins & Gold

3 Reasons the Ether-Bitcoin Ratio Rose to 3 1/2-Year Highs as Crypto Crashed
While bitcoin tanked last week, pulling the broader crypto market lower, there was one bright spot. The ether-bitcoin (ETH/BTC) ratio rose 13%, reaching a 3.5-year high and registering its best weekly performance since May.The move was unique. Historically the pair has rallied during market-wide bull runs characterized by buying frenzy in ETH and other alternative cryptocurrencies.Several factors, including the Ethereum blockchain’s EIP-1559 upgrade implemented in August, appear to have helped ETH/BTC chalk out gains in a risk-off environment. Let us discuss each one.Bitcoin exposure to macro risksIncreased institutional participation in bitcoin has perhaps made the biggest cryptocurrency more sensitive to…