The rise and fall of crypto markets: Bitcoin’s rise intersects with Ethereum’s woes
As Bitcoin continues to hit all-time highs, the shine of Ethereum (ETH) seems to have dimmed a lot. According to TradingView data, the price ratio of ETH to BTC has slipped to its lowest point since 2021. This change was like a sudden storm, surprising investors. In the past 24 hours, the ETH/BTC ratio on Binance exchange has fallen by 1.54%, and has plummeted by more than 40% since the beginning of 2024. Bitcoin's strong comeback, especially driven by Trump's victory and the launch of the Bitcoin spot ETF, not only caused its price to soar to a record high of $97,800, but also triggered optimistic predictions about its future in the market. Many people even Looking forward to breaking the $100,000 mark before the end of the year.
In sharp contrast, the performance of Ethereum is not optimistic. Over the past week, the price of Bitcoin has increased by more than 7%, while Ethereum has fallen by 2.2%. This situation reflects Ethereum's awkward positioning in the market, as it competes with Bitcoin for its role as a store of value and faces pressure from competitors such as Solana in the smart contract field, leaving many investors confused about its future. Solana’s meteoric rise amid the “meme coin craze” has undoubtedly exacerbated Ethereum’s woes, surpassing Ethereum in almost every key metric.
Still, experts remain hopeful about Ethereum’s future. They believe that the fundamentals of Ethereum remain strong, and as the most active smart contract platform, it has attracted the continued attention of many developers. With the implementation of the Trump administration's more friendly cryptocurrency policies, more Web3 projects may choose to launch on Ethereum in the future.
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