Ethereum reached this year’s low against Bitcoin. According to the latest data, the ETH/BTC trading pair has fallen to 0.059 BTC, a stark contrast from its peak of 0.088 BTC in December 2021.
2023 low
Historically, Ethereum has seen its market share decrease compared to Bitcoin during bearish conditions. Despite countless examples of ETH coming close to “flippening,” a term used to describe it surpassing Bitcoin in market cap, the digital currency has yet to reach that milestone this year.
During its bullish phases, Ethereum had shown potential to catch up with Bitcoin, largely due to smart contract capabilities and the rise of decentralized finance (DeFi). However, in the current bear market, ETH appears to be losing its footing once again.
Latest data from CoinGecko recorded a Bitcoin market cap of approximately $525.9 billion at a price of $26,979. Meanwhile, Ethereum trailed with a market cap of approximately $194.4 billion and a price of $1,617.48. Additionally, last week Bitcoin recorded a moderate growth of 3.2 percent, while ETH showed a less impressive growth of 1.1 percent and hit the lowest level of 2023.
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