More than 19 months after Ethereum's historic upgrade, data shows that the network's main asset, Ether (ETH), is unable to catch up with Bitcoin (BTC). 📉
The ETH/BTC price ratio hit a new three-year low on Thursday at 0.044. Ether last experienced less market dominance compared to Bitcoin in May 2021.
Despite implementing a proof of stake consensus mechanism and reducing ETH inflation by 90% since the September 2022 upgrade, ETH/BTC has dropped 45% since the Merge.
Experts from CryptoQuant claim that Ether is no longer “ultrasonic money” after the Dencun update in March 2024.
Meanwhile, recent technical breakthroughs have allowed developers to bring applications to Bitcoin that were previously unique to Ethereum and other more programmable networks.
Apart from technical issues, Ethereum is also facing serious challenges on the regulatory front.
Solana (SOL) is up an astounding 665% over the past year, while ETH is up 61%. Ether's share of the overall cryptocurrency market is now 15.1%, while Bitcoin's is 54.5%, according to CoinMarketCap. 📊