- Ethereum has erased all its post-election rally gains, losing over 55% of its value since its December 2024 peak and currently trading at $1,818
- The ETH/BTC pair dropped to its lowest level since May 2020, signaling Bitcoin’s dominance as a safer and stronger cryptocurrency during uncertain times
- Ethereum’s development ecosystem shrank by 17% last year, while rival blockchain Solana grew its developer base by 83%, attracting attention with innovative projects
Ethereum’s performance has been a letdown for quite a while now. Despite seeing a 74% growth in value after 2024’s American election rally, Ether was the first major currency to completely erase all profits from that bull run.
Since its peak of $4,105 on December 16, the Ethereum market has been pretty much downhill. $ETH lost over 55% of its value since, currently trading at $1,818 by March 29.
Things get even more grim when comparing the world’s second-largest assets to other currencies in the top 10 by market capitalization.
Since November 6th — the day after the U.S. election — Ethereum has lost 24.19% in value. Meanwhile, Bitcoin and XRP have performed a lot better in that same timeframe, up 18.75% for BTC and 321% for XRP.
Ether Hits Worst Performance Against Bitcoin Since 2020
Adding to Ethereum’s struggles, its price against Bitcoin has hit the lowest level in almost five years. The ETH/BTC trading pair dropped to about 0.0225 BTC, showing how far Ethereum has fallen compared to Bitcoin. This shift highlights Bitcoin’s strength as the more reliable option during uncertain times.
Ethereum’s struggles are not capped by price decline alone. A December report from Electric Capital revealed that the development workforce on the Ethereum ecosystem dropped by 17% last year.
This is a direct contrast to rival blockchain Solana, which saw a massive 83% increase in new developers during the same period.
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