Ethereum Just Plunged to Its Lowest Level Against Bitcoin Since October 2021

Altcoins continue bleeding out as the majority of the market takes another leg down in the past 24 hours. This has caused Bitcoin’s dominance to spike to highs that we haven’t seen since last year.

  • Ethereum’s price relative to that of Bitcoin has dropped to its lowest point since last year.
  • At the time of this writing, ETH trades at around 0.0629 BTC. The last time it was this low was on October 22nd, 2021.
Source: TradingView
  • Meanwhile, today’s pullback saw ETH’s dollar value plunge 7%, leaving some $86 million in liquidated positions.
  • As a matter of fact, over the past 24 hours, the most liquidations were of ETH contracts. The largest single liquidation order took place on OKEx, and it was an ETH-USDT swap with a face value of $2.24 million – according to Coinglass. 
  • As CryptoPotato reported earlier today, ETH’s decline comes amid a broader market pullback where altcoins are bleeding out.
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Source: Quantify Crypto
  • This led to a considerable increase in Bitcoin’s dominance – the metric that gauges BTC’s share relative to that of the entire market. At the time of this writing, it’s at its highest point since October last year as well.

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