[ETH plummets against BTC: lowest point in three years]
As Bitcoin prices fell from $70,000, Ethereum's value relative to Bitcoin fell to a three-year low, with the ETH-BTC ratio falling to 0.0462 BTC on April 13, down 24% from the year's high of 0.085 BTC .
Ethereum’s all-time high against Bitcoin occurred in 2017, reaching 0.16 BTC, before closing at 0.048 BTC near the end of the year. Since then, its value has fallen to a low of around 0.018 BTC in late 2019 and has enjoyed a significant rise during the 2020-2021 bull market.
The ETH-BTC ratio has gradually declined since 2023, with support at 0.05 BTC being breached this month and currently at its lowest level in almost three years. Still, Ethereum has recovered nearly 7% since its weekend lows, performing relatively steadily amid Bitcoin’s continued struggles. Bitcoin recovered to $66,000 after falling from $70,000 to $61,700, but again tested the $61,700 level and was last quoted around $62,000. Ethereum also fell along with Bitcoin from $3,600 to $2,800, but later stabilized near $3,000.
While the overall crypto market generally follows Bitcoin’s movements, the altcoin market mostly follows Ethereum. The ETH-BTC ratio largely affects the price movement of crypto assets and is an important indicator for the industry. Bitcoin’s market dominance reached a three-year high at 57%, while Ethereum’s dominance fell to 15% from a recent 19%.
