This animation depicts the changing price of BTC/USD and ETH/USD between January 1, 2021 and February 24, 2021.

The first values plotted correspond to January 1, 2021.  As time progresses, the color of the plot shifts to become lighter.

Vertical movement (y-axis) corresponds to the price of BTC, whereas horizontal movement (x-axis) corresponds to the price of ETH.

What this plot tells us

The action starts in the lower-left corner, where ETH is around 800 USD and BTC is around 30000 USD.

There appears to be some relationship between BTC/USD and ETH/USD - but the relationship is dynamic and non-linear.

As the plot moves up and to the right, this corresponds to BTC and ETH both gaining against USD.

In fact, ETH/USD and BTC/USD are correlated, which the current visualization will reflects as coordinated movement.

For the first weeks of January, there is a commotion resembling a random walk. Nevertheless, as the price of BTC remains below 40000 USD, the price of ETH gradually edges upwards.

Into February, we can see BTC and ETH moving together.  Initially, the pair rockets to new all-time highs.  However, a sharp decline can be seen during final week of our sample.

At the end of this time period, we can see that virtually all of the action has taken place at or below a diagonal across the plot.  One interpretation for this apparent imbalance is that ETH frequently falls against BTC. Throughout February, ETH appears to catch back up with BTC, at which point they fall together.