Markets are watching the bitcoin silver ratio closely as wild swings in the precious metal raise questions about whether this cycle is nearing exhaustion. The bitcoin to silver ratio has dropped toward levels last seen near bitcoin‘s 2022 cycle low. It currently stands close to 780, which is now below the 2017 peak when bitcoin hit $20,000. Moreover, it is approaching the level recorded in November 2022, when bitcoin bottomed near $15,500 as the ratio fell to around 700.