On February 21, bitcoin touched a lifetime price high at $57,844 per unit after the crypto asset’s market valuation crossed the $1 trillion zone for the first time in history the day prior. Meanwhile, a number of digital assets have seen fiat values increase as coins like litecoin, ethereum, and others gather gains against the U.S. dollar. However, when bitcoin is the base denominator in terms of value, a lot of coins have a long way to go to catch up.
Measuring Alternative Crypto Assets With Bitcoin
The crypto asset bitcoin (BTC) has seen phenomenal gains and a lot of other digital currencies have seen price increases as well. For instance, ethereum (ETH) is the second-largest digital asset in terms of market capitalization, and ETH has touched the $2,040 price range.
Now ETH has seen pretty decent gains against the U.S. dollar, as its up a decent 76.32% during the last month, and 249.90% over the last three months. Traditionally people price everything in their local fiat currency like U.S. dollars or euros, but things look a whole lot different when other crypto assets are priced against or with BTC.
For instance, data from messari.io shows an ether priced in bitcoin is worth 0.0341 BTC and on Tradingview the price is a hair higher at 0.0343 BTC at the time of publication. Now even though ether has seen decent gains against the U.S. dollar in 2021, it was a lot higher in comparison to BTC back in 2018.
At that time in January 2018, a single ETH was around 0.1090 BTC. Bitcoin’s price at the time was around a third of what it is today, while ether’s value was closer to where it was back then albeit a touch higher. The same can be said…