What to know:
- The ETH/BTC ratio has plummeted like an overripe fruit, landing at 0.02193 — the lowest since by golly, 2018.
- Ether has fallen 39% relative to Bitcoin this year, which is pretty much like losing a race to a particularly enthusiastic snail.
- For the first time in history, ETH is having a bad day right after Bitcoin decided to hold its breath for a reward halving.
So, gather round! The majestic Ether (ETH) — that valiant second-largest cryptocurrency — has taken a tumble of epic proportions, comparing itself unfavorably to Bitcoin (BTC), the crypto equivalent of a celebrity who just can’t stop taking selfies. This year, Ether’s relative decline stands at a dizzying 39%, causing the ETH/BTC ratio to resemble a particularly sad state of affairs.
At this rather unfortunate juncture, one ETH is worth a measly 0.02191 BTC. It’s the lowest since the days when masks were just for masquerades and people thought “Zoom” was just a sound you made on a bicycle. Back in May 2020, Ether pranced around at $200 while Bitcoin strutted its stuff just under $10,000, much like two friends arguing about who has the better sandwich. Fast forward to today, and ETH is lounging at about $1,800, while BTC is strutting around at a swanky $82,000. Talk about inflation on a cosmic scale!
It’s particularly startling that this is the first time Ether has managed to drop the ball in the year after a BTC reward halving — a phenomenon brought to you by the Bitcoin mining club, where rewards were halved to 3.125 BTC on April 20, 2024, because apparently, sharing is caring.
In past halving cycles, Ether has basked in the glow of outperformance, but this time around, it’s like watching a majestic ship sink into the murky waters of crypto despair with a ratio drop greater than 50%. Someone fetch a lifeboat!
In terms of quarterly performances, Ether’s sitting on the floor with some of the worst showings against Bitcoin in years, all thanks to the benevolent folks over at Glassnode for keeping track. The last time it floundered like this was in the third quarter of 2019, dropping to 0.0164 — a quarterly decline that would make a seasoned investor weep at their laptop.
This grim slump is reminiscent of the catastrophic tales of 2019, clinging onto Ether’s relative weakness like a particularly stubborn burr. The SOLETH ratio — highlighting Solana’s SOL compared to Ether — has surged by a dazzling 24% year-to-date, currently lounging at 0.07007. Despite the fact that Solana is also down 35% this year, it seems to have decided that being down is better than being down and out. There’s a lesson in there somewhere—like a fortune cookie with existential dread.
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2025-03-31 12:19