Ethereum (ETH) lost whopping 44% of its price against BTC since The Merge event, CryptoQuant data says
ETH/BTC, a metric of Ethereum price in Bitcoins , plummeted to levels unseen since April 2021. CryptoQuant experts demonstrate how Ethereum lost its supremacy in terms of network activity, tokenomics and more.The ETH/BTC ratio, a critical metric for the global blockchain ecosystem, dipped to 0.0425. This is the lowest level for this indicator registered since April 2021. Such calculations were shared by CryptoQuant, a major on-chain analytics team, in a recent X thread.
Ethereum could fall further with respect to Bitcoin as ETH is still above undervaluation territory. We estimate that ETH would need to fall to about 0.02 in terms of Bitcoin, a 50% decline, for it to enter undervaluation territory. Once Ethereum lost its status of deflationary currency, its monetary design does not look so attractive for investors, the report says.by U.Today previously, Justin Bons of Cyber Capital highlighted that the"L2 lobby" is dragging Ethereum down to irrelevance right now.
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