Ethereum Is Outperforming Bitcoin Again - What the ETH/BTC Golden Cross Actually Signals

Ethereum is doing something more important than simply rising against the U.S. dollar: it is gaining ground against Bitcoin.

The ETH/BTC ratio has climbed roughly 25% since its June 6 low, while its 50-day moving average has now crossed above the 200-day moving average.

That crossover is commonly known as a golden cross.

For traders watching Ethereum’s relative strength, the setup looks bullish. But the history of ETH/BTC golden crosses is considerably more complicated than the name suggests.

The latest signal therefore raises a more useful question than whether ETH is about to rally: has the balance of power between Ethereum and Bitcoin actually started to change?

What Is the ETH/BTC Ratio?

ETH/BTC measures how much Bitcoin one Ether is worth.

Unlike the ETH/USD price, it removes much of the effect of a market-wide crypto rally and shows whether Ethereum itself is gaining or losing strength relative to Bitcoin.

When ETH/BTC rises, Ethereum is outperforming Bitcoin.

When ETH/BTC falls, Bitcoin is outperforming Ethereum.

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