Last week Bitcoin and Ethereum would more or less go up and down in sync. Today we are witness to a surge in Ethereum and Bitcoin is stuck below $2,000. See the price ratio of ETH to BTC in Poloniex below.. that rise means you need more BTC to buy ETH.
Why?
I exchanged my Bitcoins to Ethereum just before the surge in Ethereum - luck me. But what I experienced was that the transaction took too long - many minutes which felt like more than 10 minutes because of the anticipation. It was a bit frustrating to use Bitcoin if it takes that long to do anything important.
I could imagine thousands of investors wanting to buy Bitcoins yesterday but could not - so they switched to Ethereum.
And Litecoin. And XRP.
Now Bitcoin has to get its act together and implement the needed change to speed up the network and lower the transaction fees.
Um, Bitcoin is above $2000. 😎
My basis is Poloniex exchange and there it has not yet breached $2000