Ether has lost one-third of its bitcoin value in a year
Ether’s (ETH) market cap has shed approximately one-third of its value in bitcoin (BTC) terms in just 12 months. Even worse, it’s been an embarrassing seven years since ETH last rallied to a new high against the world’s leading crypto. During the early months of Ethereum’s initial coin offering (ICO) in 2017, ETH rallied to an all-time high of approximately 0.15 per bitcoin. It hasn’t surpassed that level since. Even in 2021, amid several positive catalysts for ETH investors, it only hit 0.088 per BTC. That was a commendable comeback from its September 2019 low of 0.016 but still 42% below its 2017 high . Investors have bid progressively less and less BTC for ETH since 2021. Understanding Ethereum’s failure to re-make a new high in BTC terms in 2021 is instructive for understanding its current, 32-month-and-counting decline. Ethereum’s failure to make a new high against bitcoin in 2021 Back in 2021, investors were excitedly listening to announcements abou...