Source: Cointelegraph Original: "{title}"
According to analyst data, since Ethereum launched nearly a decade ago, it has only outperformed Bitcoin (BTC) about 15% of the time on all trading days.
Analyst James Check posted on the X platform on April 8, stating that since ETH began trading in mid-2015, it has underperformed Bitcoin 85% of the time.
Data shared by Check shows that ETH significantly outperformed Bitcoin in the early days (from mid-2015 to mid-2017) and experienced two brief periods of relative strength at the end of 2019 and the beginning of 2020.
However, in the past five years since then, Bitcoin has consistently overshadowed Ethereum, with the ETH/BTC ratio continuously declining, indicating that investor preference for Bitcoin has dominated in recent years.
ETH/BTC profitable days. Source: James Check
According to TradingView data, the ETH/BTC ratio fell to a five-year low of 0.018 on April 9.
The last time the ratio was below the current level was in December 2019, when ETH plummeted to $125, while Bitcoin was trading around $7,000.
Ether has erased seven years of gains, further dropping 10% in the past 24 hours to below $1,450, below its market cycle peak in 2018.
According to CoinGecko data, ETH fell to $1,400 in the morning of April 9. In contrast, Bitcoin dropped 6% that day to $75,000, but is still 275% higher than its bull market peak seven years ago.
Ethereum supporters express concerns over "stagnation"
Ethereum advocates are worried about the network's growth, as Ethereum struggles to gain market attention while Bitcoin set a new high at the beginning of the year.
"I love Ethereum. But it's time to face reality: the number of active addresses on Ethereum has hardly changed in the past four years," Web3 researcher Stacy Muur posted on X on April 8.
However, other researchers point out that most of the new addresses appear on Ethereum's layer 2 scaling networks, which, according to L2beat data, have seen a significant increase in on-chain locked value over the past few years.
Although most long-term ETH investors are currently at a loss, Cointelegraph's analysis indicates that some technical indicators, such as fractal patterns seen in 2018 and 2022, show that the asset is approaching oversold levels, with a bottom possibly near $1,000.
Related: Trump's tariffs reignite thoughts that Bitcoin's lifespan may exceed that of the dollar.
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