🚀🌕 Bitcoin (BTC) enthusiasts, get ready for some exciting news! Despite Ethereum's (ETH) historic Merge upgrade 19 months ago, it seems that the network's native asset is not keeping up with our beloved BTC! 📉
The ETH/BTC price ratio hit a three-year low on Thursday at 0.044, marking the least market dominance Ether has had against Bitcoin since May of 2021. 📊
Why is this happening, you ask? 🤔 Well, many Ethereum bulls assumed that ETH would become a more enticing investment than Bitcoin after the September 2022 Merge. This upgrade introduced a proof of stake consensus mechanism and slashed ETH’s inflation rate by a whopping 90%. 💰
Despite these seemingly bullish properties, the ETH/BTC ratio has plummeted 45% since the Merge. This is particularly noteworthy considering the general bull market we've been enjoying for the past 18 months. 🐂
Crypto fund founder Joe McCann even tweeted that the dream of ETH's market cap surpassing that of BTC – known as "the flippening" – has turned into a nightmare. 😱
Recent technical advancements have allowed developers to bring applications to Bitcoin that were once unique to Ethereum and other more programmable chains. These include NFTs, trading runes, and a new framework for bringing smart contracts and layer 2 networks to the Bitcoin ecosystem. 🚀
Moreover, Ethereum faces significant regulatory challenges. While Bitcoin spot ETF products were approved in January, experts believe an Ether spot ETF approval is unlikely. Most altcoins, including Ether, seem to be on the U.S. Securities and Exchange Commission's radar, potentially causing legal issues for exchanges and companies interacting with these assets. 🏛️
In conclusion, Bitcoin continues to dominate, with its total crypto market dominance now at 54.5%, compared to ETH's 15.1%. So, BTC lovers, keep your eyes on the prize and stay tuned for more updates! 🎉🎉