ETH/BTC just hit its lowest point since 2020 — and the bleed may not be over

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Can Ethereum still claim L1 dominance as Solana gains ground and the ETH/BTC ratio crashes below 0.022?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Ethereum, the world’s second-largest crypto by market cap, is facing a sobering reality check. The ETH/BTC ratio, a metric used to gauge Ethereum’s strength relative to Bitcoin, has dropped to 0.022, its lowest level since December 2020, signaling a sharp decline in Ethereum’s relative performance.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Since September 2022, when the ratio hovered around 0.085, Ethereum has shed more than 73% of its value relative to Bitcoin. As of this writing, ETH is trading at around $1,880, down 9% over the past week and a steep 62% from its all-time high of $4,890 in November 2021. As other L1s like Solana, Binance Chain, Avalanche, and others gain ground, and as Bitcoin reasserts its dominance, Ethereum appears to be treading water.