Ethereum (ETH) is in heavy weather and is still falling firmly compared to Bitcoin (BTC). The ETH/BTC ratio fell to 0.018 on 9 April, the lowest level in five years. This makes Ethereum back to the level of the end of 2019, when the race was at $ 125.
Bitcoin has been dominating for years
Since Ethereum was launched in 2015, it has only performed better 15% of the days than Bitcoin. In the first years after his introduction, Ethereum managed to do better, especially between 2015 and 2017. After that, the momentum came almost completely at Bitcoin.
Bitcoin Ethereum has structurally surpassed the past five years. Even in periods of revival for the cryptomarkt, Ethereum remained behind. Analyst James Check recently shared data that shows that the relative value of Ethereum has fallen almost constantly in relation to Bitcoin since 2021.
Today the Ethereum course went under the $ 1,450 border, a decrease of more than 10% in 24 hours. This means that the currency is now lower than the peak during the Bullmarkt of 2018. Bitcoin (BTC) has also dropped considerably today, but with a course of $ 75,000 still remains far above his peak from seven years ago.
The substantial correction has ensured that a majority of long-term investors are currently losing loss on their ETH positions. In the current graph patterns, however, analysts see parallels with previous soil formations from 2018 and 2022. Some speculate at a possible low point around $ 1,000.
Concern about stagnant growth
The unrest is growing within the Ethereum community. Researchers point to the stagnating number of active addresses on the network, which has remained the same for almost four years.
Yet there are also nuances. A large part of the activity has shifted to Layer-2 networks such as Arbitrum (ARB) and Optimism (OP) in recent years. According to data from L2Beat, the total locked power on these scale solutions is growing firmly.
What was once seen as the Bitcoin’s challenger is currently at the short end. The relapse in the ETH/BTC ratio, the lack of clear network growth and the decreasing trust among investors indicate a difficult period for Ethereum.
Yet not everything is lost. Historically, after similar decreases, there were regularly revocations. Whether Ethereum can recover again in the run -up to the next altseason will become clear in the coming months.
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Source: https://newsbit.nl/ethereum-zakt-weg-tegenover-bitcoin-en-raakt-historisch-dieptepunt/
