Ethereum's native token, ETH, is experiencing its worst performance compared to Bitcoin since the inception of the blockchain in 2015. The ETH/BTC ratio has consistently shown ETH to be an underperformer in previous cycles. The current cycle started with Bitcoin bottoming at $15,500 after the FTX collapse in November 2022, and ETH/BTC has reached a four-year low. In January 2023, the ratio fell below 0.0300 to 0.02993. ETH has fallen 15% this month and 44% last year, while Bitcoin briefly fell to $98,000 before rising to $105,000. Analysts believe this underperformance reflects Bitcoin's strength rather than Ethereum's weakness, with some pointing out that Ethereum faces competition from smart contract platforms like Solana. Investors are watching closely to see if ETH can regain momentum or if this trend indicates a longer-term shift in market dynamics.



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