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    Home » Crypto News » Ethereum Just Plunged to Its Lowest Level Against Bitcoin Since October 2021

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

    Author: George Georgiev

    Last Updated May 26, 2022 @ 09:37

    Ethereum’s value relative to that of BTC is dropping sharply as the altcoin now trades at levels last seen in 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.
    img1_eth
    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.
    img3
    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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    Tags: Bitcoin (BTC) Price Ethereum (ETH) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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