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Ethereum acts as a 'hedge' in Bitcoin price crash as ETH/BTC hits 3-year high
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Ethereum's native token Ether (ETH) plunged alongside other cryptocurrencies on Dec. 4. Still, its move downside did not deter it from hitting a three-year high against Bitcoin (BTC), the world's leading crypto by market capitalization.
The ETH/BTC exchange rate jumped a little over 11.50% to hit 0.0835 BTC for the first time since May 2018. The pair's price rally appeared in contrast to Ether's 15% price drop against the U.S. dollar on Saturday, which appeared in the wake of a market-wide selloff that saw Bitcoin plunging by as much as 21% intraday.
While Ether's losses were substantial, they were relatively milder compared to Bitcoin in USD terms as the ETH/BTC pair surged to a three-year high. At the same time, some analysts believed that
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