The Ethereum to Bitcoin ratio has reached its lowest level in the past 5 years. According to CoinGecko data, this ratio is now at 0.01787, which is unprecedented since January 2020. This significant decline indicates Ethereum’s weak performance compared to Bitcoin. In the last 24 hours, this ratio has decreased by almost 5% and dropped by 24% in the past month. Over the past year, Bitcoin has grown by 34%, while Ethereum has lost 50% of its value. Despite recent updates such as the DenCun upgrade, key Ethereum metrics are declining. Network fees have reached their lowest level in recent years, and DeFi activities have decreased. Faster chains like Solana and Binance Smart Chain are attracting new liquidity at the expense of Ethereum’s market share. Ethereum’s rollup-based scalability approach also has its drawbacks.
