Ethereum is losing its stablecoin dominance, with Tron accounting for over 55% of stablecoin trading volume and 89% of stablecoin transactions. Also, the price of Ethereum The pair recently fell to 0.046 against Bitcoin, its lowest level since February 2021. After the “merge” in September 2022, ETH/BTC fell by 45%.
The price of Ether continues to fall against Bitcoin. Is the dream of “reversal” over? His dream of Ethereum surpassing Bitcoin’s market cap, known as “flippening,” seems further away than ever. ETH/BTC recently hit its lowest since February 2021, dropping to 0.046. Since the “merge” in September 2022, ETH/BTC has fallen by 45%.
Rumors are flying: Are the dreams of “reversal” over? Observers note that ETH mainnet activity has been quiet, with transaction fees at multi-year lows, mainly due to increased layer 2 activity. Critics worry that L-2 will struggle under regulatory pressure, especially regarding privacy services, whether it's sidechains or rollups.
However, some are optimistic and believe in the potential for regulatory progress and Ethereum's strong position in stablecoin issuance, and aggressive legislation could benefit ETH/BTC. It shows that. They believe that Ethereum is important for increasing the presence of the US dollar in the crypto world. They suggest that regulatory clarity and ETF approval could push ETH prices higher, but rejection could cause a short-term decline before rebounding.
Ethereum: Surviving changing trends
Bitbull Capital's Joe Di Pasquale echoed similar sentiments, stating that Bitcoin initially rises faster after a market crash, but then ETH and other altcoins catch up and outperform over the next few years. He pointed to the historical tendency that this is often the case.
Meanwhile, Ethereum's fortunes are about to change as it awaits the SEC's ruling. While the regulator's decision could have cascading effects on the broader cryptocurrency market, the current head of the U.S. Securities and Exchange Commission [SEC]it may seem difficult to classify major altcoins as securities using the Howey test.
