Source: Cointelegraph Original: "{title}"
The value of Ethereum relative to Bitcoin has dropped to its lowest level since mid-2020, and a cryptocurrency trader suggests that now may be the time to shift towards other altcoins that are performing better.
Economist and cryptocurrency trader Alex Kruger stated in a post on X on March 12: "If you still hold ETH, it might be a good time to sell it and buy higher beta altcoins that are performing better."
Kruger noted: "If the market goes down, both may lose similarly, but if the market goes up, you are likely to outperform significantly, and then you can switch back to Bitcoin."
According to TradingView data, the ETH/BTC ratio—indicating Ethereum's strength relative to Bitcoin—is currently at 0.02281, the lowest level in nearly five years.
As of the time of publication, Bitcoin's dominance stands at 0.02281. Source: TradingView
Both leading cryptocurrencies by market capitalization are currently trading below key psychological price levels. Bitcoin is trading at $83,667, having failed to break the $100,000 mark since February 5, while Ethereum (ETH) is trading at $1,907, lingering below $2,000 since March 10.
Meanwhile, the Crypto Fear & Greed Index, which measures overall market sentiment, shows that the market is in the "Fear" range.
The "Fear" score of the Crypto Fear & Greed Index is 45. Source: alternative.me
Many in the crypto industry believe that the "bottoming" of the ETH/BTC ratio signals the start of altcoin season. On February 14, Benjamin Cowen, founder of Into The Cryptoverse, stated on X that for altcoin season to arrive, "ETH/BTC needs to bottom out and start an upward trend."
However, other indicators suggest that altcoin season may not arrive so soon, and Bitcoin may continue to dominate the market share in the short term.
According to CoinMarketCap's Altcoin Season Index—which scores the performance of the top 100 altcoins relative to Bitcoin over the past 90 days—the current score is 13 (out of 100), leaning more towards Bitcoin season.
In a tweet on March 13, pseudonymous crypto trader and Pear Protocol advisor Hansolar stated that this year's Bitcoin season will "last all year."
The trader pointed out that last year's altcoin season lasted only 16 days and occurred after Bitcoin's market share dropped from 61% on November 20 to 55% on December 5, before rebounding to 59% on December 21.
According to TradingView data, at the time of this article's publication, Bitcoin's market share is 62.15%.
When Ethereum reached its all-time high of $4,800 in November 2021, Bitcoin's market share was around 42%.
Related: Four signs that the $76,700 Bitcoin price may be the ultimate low
This article does not contain investment advice or recommendations. Every investment and trade involves risk, and readers should conduct their own research before making decisions.
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