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Ethereum hits year-to-date high with 97% surge Ethereum hits year-to-date high with 97% surge

Ethereum hits year-to-date high with 97% surge

Data via Glassnode

Despite a stellar rise in USD, Ethereum's gain over Bitcoin remains a modest 6% above the YTD low.

Quick Take

Ethereum experienced significant growth in 2023, with a year-to-date high of approximately $2,385, marking a 97% rise in value.

This surge, however, presents a dichotomy when viewed through the prism of Bitcoin. Using Bitcoin as a reference point, Ethereum saw a decline of 25%, positioning it only 6% higher than the year-to-date lows.

Ethereum USD vs ETHBTC: (Source: Trading View)
Ethereum USD vs ETHBTC: (Source: Trading View)

The Bitcoin-Ethereum ratio stands at 0.0544, indicating an exchange rate of roughly 18 Ethereum per Bitcoin. This figure contrasts starkly with the cycle’s low in September 2022, when the ratio was 12 Ethereum for 1 Bitcoin.

BTCETH: (Source: Glassnode)
BTCETH: (Source: Glassnode)

The data highlights Ethereum’s impressive performance when measured in USD while hinting at a less favorable trend when compared to Bitcoin. Evaluating all assets, including Ethereum, could redefine what constitutes a ‘good year’ for cryptocurrency investments if Bitcoin were to ascend to a global currency status.


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