Ethereum (ETH), the flagship altcoin, has now plunged to its lowest level against Bitcoin (BTC) since February 2020.
Earlier this Monday, it reached an intraday low of 0.01965 BTC on the Binance exchange.
At press time, ETH is trading at $1,515. Those who bought Ethereum at the peak of the ICO-fueled bull market in January 2018 would have made zero gains.
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The top altcoin has now collapsed by 44% against Bitcoin this year after recording three consecutive years in the red. It is also down 79% from the December 2021 peak that was achieved due to exuberance surrounding decentralized finance (DeFi) and non-fungible tokens (NFTs).
Now that ETH has collapsed below the psychologically important 0.02 level, ETH/BTC bears might start eyeing the September 2019 low of 0.01615 BTC. The altcoin would need to drop another 18% against Bitcoin to plunge to the aforementioned price point.
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The next stop would be the pre-ICO mania low of March 2017 (0.0128 BTC).
“Black Monday”
On Sunday, the Ethereum (ETH) price plunged by another 12.5%, underperforming the broader crypto market. It is now down another 2% on Monday, with stocks crashing across the globe amid the tariff mayhem. Hong Kong’s Hang Seng Index is down by more than 12%. Japan’s Nikkei 225 is down by nearly 7%.
Will Tether surpass Ethereum?
Following the most recent drop, Tether (USDT) is now within striking distance of overtaking Ether (ETH) by market cap. The two cryptocurrencies are currently valued at $144 billion and $185 billion, respectively.
