Ethereum Hits New 2023 Low Against Bitcoin Amid Ongoing Bear Market
Read about Ethereum's struggle in the ongoing bear market as it hits a new low against Bitcoin. Discover the reasons behind its declining dominance and the contrasting performances of Bitcoin and Ethereum in recent weeks.
Posted 10 months ago in Market Analysis
Ethereum (ETH) continues to struggle in the ongoing bear market, reaching a new low against its rival Bitcoin (BTC). Recent data from TradingView reveals that the ETH/BTC trading pair has dropped to 0.059 BTC, a significant decline from its peak of 0.088 BTC in December 2021.
Ethereum's market dominance has historically decreased compared to Bitcoin during bearish conditions. Although Ethereum has come close to surpassing Bitcoin in market capitalization, a phenomenon known as the 'flippening,' it has yet to achieve this milestone. The cryptocurrency's smart contract capabilities and the growth of decentralized finance (DeFi) have propelled it closer to Bitcoin in bullish phases, but it seems to be losing ground in the current bearish market.
According to CoinGecko, Bitcoin currently has a market cap of around $525.9 billion and a price of $26,979, while Ethereum lags behind with a market cap of approximately $194.4 billion and a price of $1,617.48. In the past week, Bitcoin experienced a 3.2% growth, while Ethereum's growth was less impressive at 1.1%.
Last updated 9/21/2023, 10:35:13 AM
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