Crypto Traders Say ETH/BTC Is The Most Important Chart Now: Here's Why

Crypto traders anticipate Ethereum ETH/USD to break out further against Bitcoin BTC/USD in the days to come.

What Happened: On Tuesday, the ETH/BTC trading pair reached a high of 0.0828, exceeding its previous yearly high seen on May 15.

Raoul Pal, global macro investor and founder of Real Vision, called ETH/BTC “the most important chart in digital asset markets right now.”

This sentiment was shared by popular crypto trader Cobie, who highlighted ETH/BTC is now the highest it has been in the last three and a half years

.

Some crypto traders such as the founder of crypto trading group Crypto-TA didn’t believe the chart was really all that bullish.

The trader later reversed his skeptical stance and admitted that he “underestimated ETH’s strength” while confirming ETH/BTC did in fact break out on Tuesday.

Year-to-date, Ethereum has rallied by over 500% while Bitcoin has gained 96%, meaning Ethereum is outperforming Bitcoin by the largest amount since it was created in 2015.

Price Action: As of Wednesday afternoon at publication, BTC is trading at $58,440.96, up 2.29% in the last 24 hours. ETH was trading at $4,691, gaining 2.56% over the same period.

Photo by Executium on Unsplash

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsalt coinsCobieCrypto-TAETH/BTCRaoul Pal
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!