The ETH/BTC price ratio has fallen to 0.032, the lowest level since March 2021

According to The Block, the ETH/BTC price ratio fell to 0.032, the lowest level since March 2021. Bitcoin prices continue to hit historic highs, currently trading at around $97770, while Ethereum has shown relatively weak performance in the rising market. Analysis suggests that the strong rise of Bitcoin benefits from the approval of Bitcoin spot ETFs by the United States in 2024 and the re-election of Trump, who supports cryptocurrency. In contrast, Ethereum faces a dual pressure: competing with Bitcoin for value storage status and competing with Solana for market share on smart contract platforms. Solana has attracted more developers and investors with its advantages in decentralized exchanges and protocol fees. In addition, since the merger and upgrade of Ethereum in 2022, its market momentum has been affected by regulatory uncertainty. Despite its current weak performance, Ethereum remains the most economically active smart contract platform and may attract more developers and market attention in the long run through technological upgrades and new use cases. Analysts point out that if Bitcoin's rise slows down or Ethereum market sentiment improves, its price ratio is expected to rebound.