As a seasoned researcher who has witnessed the rise and fall of countless cryptocurrencies over the years, it is hard not to feel a sense of déjà vu when observing Ethereum’s current predicament against Bitcoin. The ETH/BTC ratio plunging below 0.04 BTC for the first time in three and a half years feels eerily reminiscent of the struggles that Ether faced during its initial coin offering (ICO) craze back in mid-2017.
Ethereum, the second-largest cryptocurrency, keeps losing more ground against crypto king Bitcoin.
Today, for the first time in nearly three and a half years, the value of Ethereum relative to Bitcoin (ETH/BTC ratio) dropped beneath the 0.04 mark in Bitcoin terms.
From “flippening” to “halvening”
As a researcher delving into the world of digital currencies, it is clear that Ether, often seen as Bitcoin’s chief rival, has been widely regarded as a strong candidate to surpass the original cryptocurrency in terms of market dominance and potentially become the leading cryptocurrency by market value.
Such a hypothetical scenario was on the cusp of becoming a reality during the peak of the initial coin offering (ICO) craze that happened in mid-2017. In June 2017, Ether came extremely close to overtaking Bitcoin and becoming the most valuable cryptocurrency by market capitalization.
In early 2018 and again in 2021, Ether nearly dethroned Bitcoin but failed to do so permanently. This was due to the excitement surrounding decentralized finance (DeFi) and non-fungible tokens (NFTs). Despite these surges, Bitcoin continued its dominance, maintaining its position at the top by market capitalization without any interruption.
It appears that the long-anticipated transition of power won’t be happening for some time yet.
As noted by Alex Thorn, head of research at Galaxy Digital, the ETH/BTC pair is now down a whopping 53% since The Merge. The monumental upgrade, which took place back in September 2022, marked Ethereum‘s much-awaited transition from proof-of-work (PoW) to proof-of-stake (PoS).
This year, Ether encountered another hurdle when spot ETFs failed to perform, primarily because of significant withdrawals.
As reported by U.Today, Bitcoin maximalist Tuur Demeester recently predicted that the price of Ether could crash all the way to 0.03 BTC.
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2024-09-15 22:42