The crypto market is once again in the midst of a bearish trend, with Ethereum $ETH facing a fresh low against Bitcoin $BTC . As per TradingView data, the ETH/BTC trading pair has slipped down to 0.059 BTC, a significant fall from its peak of 0.088 BTC in December last year.
Ethereum has been struggling to maintain its market share against Bitcoin, particularly in bearish conditions. The term "flippening" is often used to describe the phenomenon where Ethereum surpasses Bitcoin in terms of market capitalization, but Ethereum has yet to achieve this feat. Historically, Ethereum has managed to catch up with Bitcoin during bullish phases because of its smart contract capabilities and the rise of decentralized finance (DeFi). However, the latest bear market has once again put Ethereum at a disadvantage.
Bitcoin's current market cap stands at approximately $525.9 billion, with a price of $26,979, as per CoinGecko's latest data. Contrarily, Ethereum has a market cap of about $194.4 billion and a price of $1,617.48. In the past week, Bitcoin has experienced a moderate growth of 3.2%, while Ethereum showed a less impressive growth of 1.1%. The current state of the market illustrates that Bitcoin appears to be maintaining its lead against Ethereum during this bear market phase.
