Ethereum's Ether (ETH) has fallen to its lowest price against Bitcoin (BTC) since April 2021 as crypto investors obsess over the expected approval of Bitcoin ETFs in the US
ETH has lost 43% of its value against BTC since September 7th, falling from a price of 0.08566 BTC to 0.0482 BTC. In dollar terms, Ether is up 41% over the same period, but this is dwarfed by Bitcoin's 81% gain.
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Another sign of enthusiasm for Bitcoin ETFs and how they could transform the crypto market is the fact that Bitcoin dominance, which measures Bitcoin's share of the market capitalization of the entire cryptocurrency industry, has increased from 39% to 54 in the last 14 months % has increased.
Bitcoin's rise over altcoins like Ether can be attributed to the emergence of two narratives: the hope that a spot Bitcoin ETF will be approved in the US, and the impending “halving,” or miner reward reduction, the new one Create BTC.
Bitcoin will also see a block reward halving in April, an event that has previously coincided with a number of bull markets as the supply of newly mined Bitcoins dwindles.
Ethereum, meanwhile, has fallen out of the spotlight after moving to a proof-of-stake blockchain in 2022. The total value of all Ethereum protocols is lower than it was in April last year, although the price was 10% higher.
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