Ethereum (ETH) Collapses Below Key Level Against Bitcoin (BTC)

Ethereum (ETH) has experienced a significant decline compared to Bitcoin (BTC), with its ratio dropping below the 0.04 BTC level for the first time in over three years. Ethereum, which has long been seen as a potential rival to Bitcoin, failed to surpass it in terms of market value, despite coming close during the ICO boom in 2017. Ethereum saw another surge in 2021 due to the popularity of DeFi and NFTs but was unable to dethrone Bitcoin. The recent shift from proof-of-work to proof-of-stake did not help Ethereum’s performance either. Additionally, the failure of spot ETFs led to further setbacks for Ether. The head of research at Galaxy Digital, Alex Thorn, highlighted that the ETH/BTC pair has declined by 53% since the merge in September 2022. Furthermore, Bitcoin maximalist Tuur Demeester predicted that the price of Ether could plummet to 0.03 BTC. These developments indicate that Ethereum’s aspiration to surpass Bitcoin in market dominance is unlikely to occur in the near future.