3 reasons why Ethereum price is down against Bitcoin
ETH price continues to lose ground against Bitcoin. Cointelegraph takes a closer look at the factors behind the weakening ETH/BTC pair. The price of Ethereum’s native token, Ether (ETH) is trading around a 15-month low versus Bitcoin (BTC), and the lowest since Ethereum switched to proof-of-stake (PoS). Cointelegraph takes a closer look at some of the reasons for the continuous drop of the ETH/BTC pair. Ether’s historical price action has changed In previous market cycles, Ethereum often outperformed BTC during bullish market trends, but this relationship began to change at the start of 2023. Ether and numerous altcoins struggled as the narrative around altcoins use within Web3, DeFi and NFTs came under pressure in 2022 and 2023. Stringent regulations against the crypto industry, severely muted inflows from retail and institutional investors, an uptick in investors seeking shelter in US-dollar-pegged stablecoins also impacted sentiment for Etheruem. Bitcoin dominance rises In addit...