The Decline of Ethereum Against Bitcoin
Ethereum (ETH) has been struggling to keep up with Bitcoin (BTC), reaching its lowest level in over five years.
ETH/BTC Ratio Hits Lowest Point Since December 2020
- The ETH/BTC trading pair has fallen to 0.024, its lowest point since December 2020.
- This indicates Ethereum’s diminishing strength in comparison to Bitcoin, reflecting a shift in market sentiment.
Ethereum’s Market Dominance at a Low
- Ethereum’s market dominance has dropped to 8.8%, its lowest level since May 2020.
Bitcoin’s Dominance Continues to Rise
- Since 2022, Bitcoin’s dominance has been steadily increasing, reaching 61.1% of the crypto market.
- This marks one of the longest growth streaks for Bitcoin in recent times.
Significant Shift in ETH’s Valuation Against BTC
Crypto analyst Rajat Soni highlighted the drastic change in ETH’s value against BTC, noting that in 2017, one BTC could buy approximately six ETH. Today, the same amount of Bitcoin can purchase around 42 ETH, indicating Ethereum’s considerable decline in value over time.
