— David Zarling, CMT (@AdaptivCharts) September 3, 2021
Today’s Chart of the Day was shared by David Zarling (@AdaptivCharts). It’s a ratio chart of the two largest Cryptocurrencies – Ethereum vs. Bitcoin over the past five years. When the ratio is rising, it means Ethereum is outperforming Bitcoin and vice versa. Bitcoin gets a lot of attention but Ethereum has been the better bet for a couple of years now. This year alone, Bitcoin is up about 70%, while Ethereum is up more than 400%! As David points out, that trend of outperformance is continuing in Ethereum’s favor. On an absolute basis, $ETHUSD is flirting with all-time highs after forming a five-month base. It’s still about 10% below the May highs, but it could get there in a matter of days. Keep an eye on how Ethereum behaves this weekend as it attempts to break out relative to both Bitcoin and the US Dollar.