PANews reported on November 21 that according to The Block, the ETH/BTC price ratio fell to 0.032, the lowest level since March 2021. Bitcoin prices continue to hit record highs and are currently trading at around $97,770, while Ethereum has performed relatively weakly amid the market rally.
The analysis pointed out that the strong rise of Bitcoin benefited from the approval of Bitcoin spot ETF in the United States in 2024 and the re-election of Trump, who supports cryptocurrency. In contrast, Ethereum faces double pressure: it competes with Bitcoin for value storage and competes with Solana for the market on smart contract platforms. Solana has attracted more developers and investors with its advantages in decentralized exchanges and protocol fees. In addition, since the merger and upgrade of Ethereum in 2022, its market momentum has been affected by regulatory uncertainty.
Despite its current weak performance, Ethereum is still the most active smart contract platform in economic activities, and in the long run it may attract more developers and market attention through technological upgrades and new use cases. Analysts point out that if Bitcoin's gains slow down or Ethereum market sentiment improves, its price ratio is expected to rebound.
