Daily Outlook

Ethereum to Bitcoin Exchange Rate Points to Slow Altcoin Apocalypse

Ethereum to Bitcoin Exchange Rate Points to Slow Altcoin Apocalypse

Cryptocurrency prices wavered on Wednesday following the biggest 24-hour devaluation in months, leaving little guarantee of a swift recovery in the near term. For Ethereum (ETH), the grind lower has been much more extreme when valued against bitcoin (BTC). While the ETH/BTC exchange rate has been in recovery throughout September, the year-to-date picture is grim. How ether performs relative to the ‘king of cryptocurrencies’ offers eye-opening insights into the broader altcoin market.

One day removed from a devastating price collapse, cryptocurrency markets were relatively unchanged on Wednesday. That trend extended into the early hours of Thursday trading, with the combined value of all coins hovering around $222 billion, according to CoinMarketCap. Markets recovered to a high of around $227.7 billion before succumbing to a fresh round of selling that shaved another $10 billion.

The price of bitcoin fell 2.6% to $8,461, dragging its market-dominance rate slightly lower. Ethereum hovered around break-even and was last spotted at $170.54. Ripple’s XRP climbed 2.2% to $0.2444. The biggest percentage gainer among the majors was Stellar (XLM). The no. 10 cryptocurrency rose 5.1% to $0.0583.

Ethereum to Bitcoin Exchange Rate Points to Slow Altcoin Apocalypse, CCN, Sep 26
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