Recently, the cryptocurrency market has attracted widespread attention, especially regarding the relative performance between Ethereum and Bit. Although institutional investors are increasingly interested in Ethereum, and its price hit a historic high in July and August this year, its ratio relative to Bit has not been able to break through key levels.

According to statistics from the cryptocurrency data platform CoinGecko, since July 2024, the ETH/BTC ratio has consistently hovered below 0.05. More concerning is that this ratio has further declined from 0.04 in August to 0.039, indicating Ethereum's weak position relative to Bitcoin.

It is worth noting that in March of this year, affected by global economic uncertainty and international trade tensions, the ETH/BTC ratio fell to a 5-year low of 0.02. This event highlights the sensitivity of the encryption market to the macroeconomic environment.

Market analyst James Check provided a long-term perspective, pointing out that since the launch of Ethereum in 2015, its performance has only surpassed that of Bit for 15% of the total time. This data is thought-provoking, reflecting that despite Ethereum's significant advancements in technological innovation and application scenarios, it still struggles to consistently outperform Bit in market performance.

This ongoing relative weakness has sparked discussions within the industry regarding the long-term competitiveness of Ethereum. Some experts believe this may reflect the market's continued recognition of Bitcoin's status as 'digital gold,' while Ethereum is more often viewed as a technological platform. However, there are also viewpoints that suggest, as the Ethereum network continues to upgrade and the decentralized finance (DeFi) ecosystem develops, its value proposition may gain more recognition in the future.

Overall, the continued sluggishness of the ETH/BTC ratio provides an interesting observation point for investors and market analysts, reflecting the complex dynamics of the encryption market and the subtle shifts in investor sentiment. In the future, as the industry continues to develop and mature, changes in this ratio will remain an important indicator of the relative strength of the two major mainstream cryptocurrencies.