The Bells Are Tolling for Ethereum: Comment on the Worst Bull Market in History 'Syndrome' Came! - Coin Bulletin

Ethereum is exhibiting its worst bull cycle performance in its history, falling to the lowest level in the last four years against Bitcoin.

The second largest digital asset in the cryptocurrency markets, Ethereum (ETH), is showing its worst bear market performance in history against Bitcoin (BTC). It can be seen that Ethereum has fallen to one of its lowest levels against Bitcoin since its launch in 2015.

Compared to past cycles, Ethereum's return against Bitcoin has tended to decrease in each cycle. The current bull market started in November 2022 when Bitcoin dropped to $15,500 during the FTX crash. However, since that time, Ethereum's performance against Bitcoin has weakened.

Finally, the Ethereum/Bitcoin ratio fell below the 0.0300 level and dropped to 0.02993. This was recorded as the lowest level in the last four years.

The previous low level was seen on January 19th, just one day before former US President Donald Trump took office. While the rate has fallen by 15% since the beginning of 2024, the loss in the last year has reached 44%.

Bitcoin Strengthens While Ethereum Lags Behind

Bitcoin has rebounded from the drop caused by China's AI program DeepSeek release and risen from $98,000 to $105,000. In contrast, Ethereum is currently trading at $3,202.

In order to recoup the losses caused by DeepSeek, the price needs to reach the $3,360 level.

Bitwise Europe Research Director Andre Dragosch stated that the weak performance of Ethereum is due to the strengthening against Bitcoin.

Ethereum is experiencing 'middle child syndrome'. It cannot scale as well as smart contract platforms like Solana (SOL) or stand out as a store of value like Bitcoin.