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One ether bought approximately 2.3% more bitcoin on November 3 than it did on October 29, pushing the ETH/BTC ratio to 0.02954. This figure represents the highest reading in CoinGecko’s seven-day market snapshot. To reach the 0.03 BTC level, ether required an additional gain of roughly 1.6% against bitcoin.
Relative Strength in Dollar Terms
On Monday, ether gained ground against bitcoin even as both assets traded lower in U.S. dollars. Bitcoin prices moved from $78,248 on November 1 to $76,677 on November 2, a decline of about 2.0%. Ether prices slipped from $2,273 to $2,249 over the same period, a decrease of approximately 1.1%. An ETH holder ended Monday with less in dollar terms but could exchange that ether for nearly 1% more bitcoin than the day before.
Bitcoin serves as a benchmark for measuring relative performance. CoinGecko recorded one ETH at 0.02887 BTC on October 29 and 0.02930 BTC on November 2. The intraday reading on November 3 reached 0.02954. At an ETH/BTC ratio of 0.03, one bitcoin would buy about 33⅓ ETH. At the October 29 reading, one bitcoin would buy roughly 34.6 ETH.
ONDO Diverges from Ether Performance
ONDO, a token that provides holders with governance rights in the Ondo DAO and Flux Finance, fell more sharply than both ETH and BTC on Monday. ONDO’s price has no built-in obligation to track ether. The token declined from $0.40431 on Sunday to $0.38600 on Monday, a 4.5% drop. This decline was steeper than ether’s 1.1% loss.
When priced in ether, the divergence was more pronounced. One ONDO bought about 3.5% less ether at Monday’s close than it did on Sunday. While ETH improved its standing against bitcoin, ONDO lost ground against the asset it is often used to amplify. This single session illustrates the distinction between dollar-denominated price action and relative performance metrics.
Two Ratios to Monitor
Market participants are watching two specific ratios as ether approaches the 0.03 BTC threshold. The first is ETH/BTC. A move from Tuesday’s reading to 0.03 would extend ether’s recent lead and provide a clear measure of how much more bitcoin one ETH can buy. The second is ONDO/ETH. If ONDO rises in dollars but the ONDO/ETH ratio keeps falling, ether is delivering the stronger return. If both ETH/BTC and ONDO/ETH ratios rise together over several sessions, the case for the ETH-beta trade becomes more compelling.
Measuring ether against BTC revealed a gain that dollar prices obscured. Applying the same test to ONDO showed where that strength stopped. The next procedural step involves observing whether these ratios maintain their trajectories over subsequent trading sessions.
Frequently Asked Questions
What was the ETH/BTC ratio on November 3?
The ETH/BTC ratio reached 0.02954 on November 3, which was its highest reading in CoinGecko’s seven-day snapshot.
How did ONDO perform compared to ETH on Monday?
ONDO fell 4.5% in dollar terms, while ETH fell 1.1%. In ether terms, one ONDO bought 3.5% less ether on Monday than it did on Sunday.
