According to COINOTAG News, as of March 31st, Ethereum’s market positioning has shown significant vulnerability against Bitcoin. Following the cryptocurrency’s block reward halving in the previous year, the ETH/BTC exchange rate has plummeted to a historic low of 0.02193, marking a decline of 39% for Ethereum compared to Bitcoin in 2023. This contrasts sharply with May 2020, when Ethereum was valued at approximately $200 and Bitcoin hovered just under $10,000. Currently, Ethereum trades around $1,800, while Bitcoin has surged to approximately $82,000.
This downward trend is reminiscent of the declines seen in 2019, further emphasizing Ethereum’s vulnerability, particularly when juxtaposed with other major Layer 1 cryptocurrencies. Notably, the SOL/ETH trading pair has appreciated by 24% year-to-date, achieving a level of 0.07007. Despite SOL’s overall decline of 35% this year, its relative strength against Ethereum showcases a notable trend that could influence investor sentiment through 2025.