The SOL/ETH ratio has reached a new all-time high amid market turmoil
The SOL/ETH ratio – which measures the value of one Solana token to one Ether token – hit a new all-time high amid market turmoil that saw crypto prices fall sharply during the week.
The ratio of Solana (SOL) to Ether (ETH) hit a new high of 0.0595 on August 6, according to TradingView data.
The $500 billion crypto selloff comes as a result of chaos in traditional financial markets, a jump in crypto selling, and broader macroeconomic uncertainty.
In the year Ether fell as much as 22 percent on August 5, while Solana fell 36 percent in the same time frame.
However, following the selloff, SOL's price rose 35% to $144 from a low of $110 as of publication on August 5.
Meanwhile, the price of ETH rose just 15%, rising from a yearly low of $2,157 to $2,463 at the time of publication.
Previously, the SOL/ETH ratio reached as high as 0.0591 during Solana's big rally in March.
Crypto traders become superstitious
The crypto community is extremely superstitious as traders are overly bullish on ETH and market participants believe that ETH is underperforming alongside enthusiasm for the asset.
As part of an ongoing joke, machine intelligence crypto firm Spectral Labs has introduced an AI-powered bot to automatically short ETH when traders copy ETH on social media.
In the year In an Aug. 6 post for X, Spectral Labs said it built an AI agent to automatically short Ether whenever crypto traders start posting bullish ETH/BTC charts — a metric that shows the value of one Ether token relative to one Bitcoin.
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