Ethereum (ETH) Has Hit Its Lowest Value Against Bitcoin (BTC) Since Mid-2020, Suggesting Altcoin Season Could Be Brewing

Ethereum's value against Bitcoin has hit its lowest level since mid-2020, with a crypto trader suggesting that it might be time to shift into higher-performing altcoins.

Economist and crypto trader Alex Kruger has suggested that it might be time to shift into higher-performing altcoins as Ethereum’s value against Bitcoin hit its lowest level since mid-2020.“If still stuck on ETH, it is likely a good time to dump it to buy a higher beta altcoin,” Kruger said in a March 12 X post. “If the market goes down, you’ll likely lose equally in both cases, but if it goes up, you’ll likely outperform significantly and can then swap into BTC.”The ETH/BTC ratio — which shows Ether’s relative strength compared to Bitcoin — is sitting at 0.02281, its lowest level in nearly five years, according to TradingView data.Bitcoin Dominance is 0.02281 at the time of publication. Source: TradingViewBoth the leading cryptocurrencies by market cap are trading below key psychological price levels. Bitcoin is trading at $83,667 — having remained below the $100,000 level since Feb. 5 — while Ether (ETH) is at $1,907, floating below $2,000 since March 10.Meanwhile, the Crypto Fear & Greed Index, which measures overall market sentiment, read a “Fear” score of 45, up 11 points from yesterday’s score.The Crypto Fear & Greed Index is reading a “Fear” score of 45. Source: alternative.meMany in the crypto industry see the ETH/BTC ratio “bottoming out” as a sign that altcoin season could kick off. On Feb. 14, Into The Cryptoverse founder Benjamin Cowen said on X to get an altcoin season, “ETH/BTC needs to bottom and start trending higher.”Bitcoin season could still dominateHowever, other indicators suggest that altcoin season may not come so soon, and Bitcoin (BTC) may continue to hold market share in the near term.CoinMarketCap’s Altcoin Season Index — which bases the performance of the top 100 altcoins relative to Bitcoin over the past 90 days — reads a score of 13 out of 100, leaning more toward Bitcoin season.Related: Crypto whale liquidated for $308M in leveraged Ether tradePseudonymous crypto trader and Pear Protocol adviser Hansolar said in a March 13 X post that it will be Bitcoin season “all year round.”The trader said altcoin season was only 16 days last year and happened when Bitcoin’s Dominance dropped from 61% on Nov. 20 to 55% on Dec. 5 before rebounding to 59% by Dec. 21.At the time of publication, Bitcoin dominance stands at 62.15%, according to TradingView.When Ether hit its all-time high of $4,800 in November 2021, Bitcoin's dominance was approximately 42%.