In terms of growth, Ethereum is clearly lagging behind Bitcoin in 2024. Since 2016, this is the third time the ETH/BTC relative trend line has shown a downward trend.
Bitcoin has reached the $70,000 mark multiple times, but the price of Ethereum has dropped each time. When Bitcoin first reached $70,000, the trading price of Ethereum was $4,000. When Bitcoin reached $70,000 for the second time, Ethereum had dropped to $3,700. When Bitcoin reached $70,000 for the third time, Ethereum had dropped to $3,300. When Bitcoin reached $70,000 for the fourth time, Ethereum further declined to $2,600.
Some say that Ethereum is under heavy selling pressure and cannot break through its previous highs; others say that since Ethereum transitioned to POS, it has lost the support of miners; and there are those who say that Vitalik is of Russian descent, and Ethereum will eventually be surpassed by SOL. But let's not forget that it was Ethereum that brought DeFi, NFT, and DApp, ushering in the bull markets of 2017 and 2021, and fostering the prosperity of the crypto space.
Can POW really determine the price of Bitcoin? Based on the remaining quantity of Bitcoin, the next halving has a negligible impact compared to the circulating supply. Moreover, is POW really fairer than POS? What truly determines Bitcoin's status is that it is the first cryptocurrency and has the highest consensus. However, many may not know that the total number of long-term holders of Ethereum has already surpassed that of Bitcoin. This represents the consensus that Ethereum has gained.
No cryptocurrency has returned to its peak after experiencing three bear markets, except for Bitcoin and Ethereum. Perhaps, Ethereum's market cap will surpass Bitcoin by 2030.
