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Two of the leading cryptocurrencies are Bitcoin and Ethereum. The direct correlation between the two is so strong that one cannot move up or down without the other one to follow.
Bitcoin is supposed to lead, but that has not always happened. In any case, in 2023, Bitcoin gained 67.05% YTD, while Ethereum 53.95% YTD. Hence, Bitcoin leads, but for those believing in Ethereum, it means that there is more room to catch up.
The best way to speculate on the difference between the two is to focus on the ETH/BTC price. The cross tracks the differences between the two leading cryptocurrencies; the higher it gets, the closer the two move.
For example, if the cross moves to parity, it means that 1 Ethereum equals 1 Bitcoin. But that is a long road to such a level. As for now, the cross trades at 0.066, moving in a tight consolidation in 2023.
A bullish flag favors more upside for Ethereum
The ETH/BTC cross more than doubled in April 2021, moving from 0.03 to above 0.06. Since then, it moved into a range with the highest point 0.08 and the lowest 0.05.
ETHBTC chart by TradingView
But a bullish flag pattern keeps the focus on Ethereum. On a daily close above 0.07, bulls might want to invest in Ethereum instead of Bitcoin because the cross has room for more upside until the flag’s measured move is reached.
