The ETH/BTC price ratio has fallen to 0.032, the lowest level since March 2021
On November 21, according to The Block, the ETH/BTC price ratio fell to 0.032, the lowest level since March 2021. Bitcoin's price continues to hit historic highs, currently trading at approximately $97,770, while Ethereum has shown relative weakness in the rising market.
Analysts point out that Bitcoin's strong rise benefits from the US approval of a Bitcoin spot ETF for 2024 and support for cryptocurrencies from Trump's re-election. In contrast, Ethereum faces dual pressures: competing with Bitcoin for value storage status and vying with Solana on smart contract platforms. Solana attracts more developers and investors due to its advantages in decentralized exchanges and protocol fees. Moreover, since Ethereum’s merger upgrade in 2022, its market momentum has been affected by regulatory uncertainty.
Despite its current weak performance, Ethereum remains the most active smart contract platform in economic activity and may attract more developers and market attention through technical upgrades and new use cases over time. Analysts suggest that if Bitcoin's upward trend slows or sentiment improves in the Ethereum market, its price ratio could rebound.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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