, for example, started the year exchanging hands at $16,500. As new demand flocked in and the general market gained a semblance of stability, the coin’s price rallied to a high of $30,000 within four months.
The ETH to BTC ratio metric tracks the price of ETH relative to the price of BTC and is often used to gauge ETH’s relative strength and weakness compared to BTC.showed that the ratio stood at 0.08 following the merge. However, it has declined steadily since then, from 0.08 to 0.07 in the first quarter of 2023 and from 0.07 to 0.06 in the past few months.One reason for the decline in this metric could be the market’s expectation that the U.S.
As a result of the drop in ETH’s value for most of the year, it has also seen a decline in cumulative trade volume since the merge.
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