The narrative surrounding Ether of it fast transforming into an independent asset has been around for some time now. However, the last few months have seen this notion gain an increasing amount of mainstream traction, as is best highlighted by the fact that, since Oct. 1, ETH has showcased substantial northbound movement against Bitcoin.
To put things into perspective, toward the beginning of November, the one-month realized correlation between the BTC/ETH pair dipped as low as 60%, its lowest ever in the currency’s decade-old history. Furthermore, since the start of the year, while Bitcoin registered gains of 105%, Ether went up by a whopping 505%, thus outperforming the flagship crypto by nearly five times.
Ether gaining an upper hand is perhaps best reflected in that, over the course of the last couple of months, the ETH/BTC pair has continued to trend north, despite there being a major market dip across the board since the start of December. In this regard, even when the value of BTC fell back below $50K, the ETH/BTC pair price continued to accrue value, quickly rising by around 13%, thus hitting a three-year high.
