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Ethereum (ETH) outperforms Bitcoin (BTC) and sets DailyCoin new three-year high

Ethereum (ETH) outperforms Bitcoin (BTC) and sets new three-year high

RtheEthe You won’t forget the first weekend in December 2021 anytime soon. In a freaky flash crash incident, the crypto market lost more than $ 600 billion in just a few hours.

The five-day price chart for cumulative crypto market capitalization. Source: Tradingview

The flash crash caused the price to drop from $ 58,000 as recorded on December 3rd to $ 42,874 on December 4th.

Though Ethereum (ETH) was pushed down to $ 3,930, the second largest cryptocurrency ousted Bitcoin in terms of performance, setting a new three-year record in the process.

The 24-hour Ethereum BTC price chart (). Source: Tradingview

The price of Ethereum on the ETH / BTC chart hit as high as 0.08573, its highest level since May 2018, when Bitcoin fell from $ 9.7,000 to $ 7.4,000.

The five year Ethereum BTC (ETH / BTC) price chart. Source: Tradingview

Ethereum’s rapid recovery

After the flash crash, Ethereum made one of the fastest restores of any top crypto. ETH is currently the top performing crypto in the top 50, aside from stablecoins and which have risen to a new ATH.

On December 6, the price of Ethereum (ETH) rose from its low of $ 3,930 to as low as $ 4,207. The price of ETH on the chart is now at $ 0.8377.

The 48-hour Ethereum (ETH) price chart. Source: Tradingview

Crypto Birb, a prominent crypto analyst, believes Ethereum’s rapid rise after the downturn was due to “investors taking ETH here as a hedge”.

On the downside

  • Despite a strong performance against Bitcoin, Ethereum is still 16% below its all-time high of $ 4,859, recorded on November 10th.

Why you should care

Ethereum’s rise over the world’s largest cryptocurrency proves that Bitcoin is no longer the only cryptocurrency used as a hedge by investors.

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