Ether Drops 39% Against Bitcoin, Reaches Lowest Ratio Since May 2020
Ether (ETH) has decreased by 39% this year compared to bitcoin (BTC), resulting in the lowest ETH/BTC ratio in almost five years at 0.02191 BTC per ETH.
Current prices are approximately $1,800 for ETH and $82,000 for BTC. This underperformance is significant as it occurs after a BTC reward halving on April 20, 2024, which reduced miner rewards from 6.25 to 3.125 BTC.
Historically, ether typically outperformed bitcoin during the first year post-halving; however, this time the ETH/BTC ratio has dropped over 50%.
Key points include:
- This marks one of ether's worst quarterly performances against bitcoin in several years.
- The last similar performance was in Q3 2019, with a ratio of 0.0164, a 46% quarterly decline.
- Comparatively, the SOLETH ratio shows Solana’s SOL up 24% year-to-date against ether, despite SOL being down 35% overall this year.
