2 months ago
Ether (ETH), the second-largest cryptocurrency, has dropped 39% this twelvemonth comparative to bitcoin (BTC), the largest, taking the ratio betwixt the 2 to the lowest successful astir 5 years.
At the existent level, 1 ETH is the equivalent of 0.02191 BTC. That's the slightest since May 2020, erstwhile ether was trading astir $200 and bitcoin conscionable nether $10,000. Today the ETH terms is astir $1,800 and the BTC terms astir $82,000.
The underperformance is notable due to the fact that it's the archetypal clip ether has weakened against bitcoin successful the 12 months aft a BTC reward halving. On April 20, 2024, the outgo Bitcoin miners received for confirming blocks connected the blockchain was reduced by 50% to 3.125 BTC.
In erstwhile halving cycles, ether outperformed bitcoin successful the archetypal twelvemonth aft a halving. This time, the ratio has dropped by much than 50%.
This comparative show besides marks 1 of ether’s worst quarterly performances against bitcoin successful respective years, according to information from Glassnode. The past clip ether underperformed bitcoin to a akin grade was successful the 3rd 4th of 2019, erstwhile the ratio dropped to 0.0164, a quarterly diminution of 46%.
This existent slump mirrors the underperformance seen successful 2019 and further highlights ether's comparative weakness, particularly erstwhile compared to different layer-1 assets. The SOLETH ratio — measuring the worth of Solana’s SOL comparative to ether — is up 24% year-to-date to 0.07007. This indicates that SOL has importantly outperformed ether successful 2025, contempt the token itself itself being down 35% year-to-date.
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