RATE Group | Why Ether, Bitcoin Price Moves Are Starting to Diverge
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Why Ether, Bitcoin Price Moves Are Starting to Diverge

25 Sep Why Ether, Bitcoin Price Moves Are Starting to Diverge

Posted at 18:40h in Bitcoin News by

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What is causing Ether (ETH) and Bitcoin (BTC) to part ways?

These top-two cryptocurrencies have historically moved in sync. Though the price difference between them is significant – and irrelevant – the two have exhibited relatively high beta, or price correlation, until this summer. As a consequence, over a trailing 12 months, Bitcoin has seen prices rise by 50%, while Ether has lost around 40%.

Recent trading days have magnified the price divergence as Bitcoin has traded on volume with strength and Ether prices continue to falter. The trend continued Thursday as Bitcoin climbed by 1.20% – slightly over $6,400 – while Ether continued to hover near $200 after being unable to sustain any momentum.

What’s driving the split?

Ether’s value is tied intrinsically to its usefulness as a development platform for dApps – short for developmental applications that sit on top of a blockchain protocol. And though Ethereum, the underlying platform for Ether the cryptocurrency, has seen some…

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