Despite being the second largest digital currency, Ethereum is underperforming compared to Bitcoin, as the ETH-BTC ratio is at its lowest since 2020.
Ethereum (ETH) is bleeding red. In the last seven days of trading, ETH has shed 14.46% of its value; in the last 365 days, the loss is 50.37%. This signals that the broader market dip has severely impacted the only altcoin with an exchange-traded fund (ETF).
Ethereum Weakens Against Bitcoin
Notably, Bitcoin (BTC) and ETH have declined by 39% this year alone. This drop is significant as it represents the lowest Ethereum has slumped against Bitcoin in approximately five years.
The Ethereum to Bitcoin ratio currently stands at 1 ETH: 0.02191 BTC. The last time both coins were at this level was in May 2020. At the time, ETH changed hands at about $200 while BTC was going for a little less than $10,000.
The ETH BTC ratio is finding new lows
Now at 0.0218 or 44.5 ETH for 1 Bitcoin pic.twitter.com/gr4dOHT4iJ
— TylerD 🧙♂️ (@Tyler_Did_It) March 30, 2025
Ethereum’s underperformance has set the second-largest crypto asset by market cap back almost five years. Ethereum is trading at less than $1,800, while Bitcoin is hovering around $82,000.
Historical data between the top two digital assets shows that this marks the first time in 365 days after the BTC halving event that Ethereum has weakened relative to Bitcoin. The last Bitcoin halving occurred in April 2024.
However, after each halving event in previous years, ETH generally outshone BTC in the first year. On this occasion, the ETH/BTC ratio has declined by over 50%.
Has Ethereum’s Pectra Upgrade Failed to Inspire Growth?
As of this writing, Ethereum is trading with an uptick of 2.83% to exchange for $1,860. ETH had dropped to a low of $1,769.41 in earlier trading before posting this slight recovery, possibly as traders took advantage of the declining price to stack the coin.
Ethereum’s trading volume has recorded an uptick of 21.37% to $13.49 billion within the same timeframe.
Some believe the slight increase in market activity is due to short-term investors using the opportunity to accumulate and sell off at the next big break.
Meanwhile, analysts are baffled at the current underperformance trailing ETH, particularly after the Pectra upgrade. Many had anticipated the upgrade would open new opportunities for growth for the blockchain, especially institutional interest that could positively impact value.
Many holders of the coin are keen to see how and when Ethereum will rebound in the broader crypto market.
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