Ether (ETH) has been underperforming relative to Bitcoin (BTC) in the current bull cycle, marking the worst performance since Ethereum's inception in 2015. A comparison of the ETH/BTC ratio during previous cycles shows a consistent trend of underperformance. The ratio recently dropped to a four-year low, and this month alone, it has declined by 15% and by 44% over the past year. Some analysts believe that Bitcoin's strength is the main factor contributing to Ether's underperformance, as Ether faces competition from other scalable smart contract platforms like Solana (SOL) and is not directly competing with Bitcoin as a store of value.



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