Ethereum, the second-largest cryptocurrency by market capitalization, continues to lose more value to Bitcoin, which remains in the lead.
Today, the value of Ethereum against Bitcoin fell below 0.04 Bitcoin for the first time in three and a half years.
Ethereum has long been considered the most likely contender to overtake Bitcoin as the largest cryptocurrency by market cap, with buzzwords like “inversion” reflecting this expectation.
This scenario came close to coming true during the height of the initial coin offering (ICO) frenzy in mid-2017.
In June of that year, Ethereum came very close to overtaking Bitcoin to become the most valuable cryptocurrency by market cap.
Additionally, Ethereum came close to dominating Bitcoin again in early 2018, then saw a fresh rally in 2021 thanks to the enthusiasm surrounding decentralized finance (DeFi) and non-fungible tokens (NFTs).
Despite all these attempts, Ethereum has not been able to overthrow Bitcoin to become the largest cryptocurrency.
It now appears that this expected change in the order will not happen, at least in the near future.
According to Alex Thorne, Head of Research at Galaxy Digital, the ETH/BTC trading pair is now down 53% since the Ethereum Merge upgrade.
