Bitcoin (BTC) and ether (ETH), the world's top two cryptocurrencies by market value, moved in tandem for much of 2022. As of Monday, the 30-day rolling correlation between changes in bitcoin and ether prices was 77%, the lowest since 2021 and notably weaker than 96% seen two months ago, according to crypto data provider Kaiko. Ether, in the past, has decoupled from Bitcoin for brief periods. In September 2022, Ethereum, the world's largest smart contract blockchain, transitioned from the energy-intensive proof-of-work consensus mechanism of verifying transactions to the proof-of-stake setup.
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