Ether falls to 4-year low against Bitcoin as Trump boosts the biggest cryptocurrency
Ether (ETH) hit new lows against bitcoin on Sunday (BTC) has extended its losing streak against its larger rival as the world’s second largest token since March 2021.
One ether fell to 0.03 BTC on Sunday, down nearly 50% from a year ago, as bitcoin rallied ahead of the inauguration of US President-elect Donald Trump. The exchange rate of the two tokens, conventionally called the ratio, was higher than 0.08 in 2022.
ETH’s value proposition has been declining ever since. Bitcoin hit A record high of $109,000 Monday and has returned 160% to investors over the past year. Ether, meanwhile, is up just 40% and is 30% below its 2021 peak. Traders rallied as Ether saw gains for the Ethereum blockchain, which offered smart contracts for the first time. centralized finance (DeFi) applications. They weaken when they like Bitcoin or other blockchains.
“Ethereum has underperformed this cycle, especially being pulled by events like the Solana memecoin craze and Trump launching an official memecoin in Solana instead of Ethereum,” Min Jung, investment analyst at Presto Research, told CoinDesk in a Telegram message.
“World Liberty Financial’s recent accumulation of $ETH underscores that Ethereum continues to have strong appeal among institutions. As the only cryptocurrency other than Bitcoin with an ETF, Ethereum is well positioned to become the next major hub after Bitcoin,” added World Liberty Financial’s Jung. is a crypto lending platform Raised by Trump and his sons. Bitcoin didn’t just hit new highs against its #1 digital asset rival. It did the same against competing investments in traditional assets. Bitcoin is now worth 40 ounces. gold, or equivalently, bitcoin, is now 11.4% higher against the gold market cap.
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