u.today
Tuur Demeester of Adamant Research recently issued a major Ethereum ($ETH) warning, pointing to the fact that the leading altcoin by market capitalization is on track to drop to 0.03 $BTC.
The $ETH/$BTC pair is currently sitting at 0.043 $BTC, according to data provided by the Binance exchange.
Ethereum failed to experience a major rally following the launch of spot-based Ether ETFs in the U.S. from such big names as BlackRock and Fidelity.
Earlier this month, the $ETH/$BTC pair collapsed to as low as 0.04 during a massive global stock market crash that also affected the leading cryptocurrencies. Altcoins, of course, experienced a bigger blow to Bitcoin, which is a typical occurrence in a risk-off environment.
Since then, the $ETH/$BTC pair managed to recover by roughly 15%. However, at press time, it is still down 15% from its 2024 peak of 0.061 that was achieved back in January.
Will flippening still happen?
Since the emergence of Ethereum on the crypto scene, the flippening narrative has been dominating crypto debates.
In 2017, the Ethereum network exploded in popularity due to the proliferation of initial coin offerings (ICOs), posing a threat to Bitcoin's reign. In June 2017, the $ETH/$BTC ratio reached its current peak of 0.15 $BTC. However, this success was short-lived, and $ETH ended up losing 80% of its value against $BTC by late 2017.
In January 2018, the $ETH/$BTC pair surged back to 0.12 $BTC. This happened right on the cusp of a major bear market.
The Ethereum network experienced another revival in 2021 due to the craze surrounding non-fungible tokens (NFTs), but the $ETH/$BTC pair only managed to peak at 0.087 in December 2021.
However, as reported by U.Today, Nick Tomaino, the CEO of the crypto investment firm 1confirmation, recently predicted that Ethereum would eventually end up surpassing Bitcoin by market cap once the former's impact becomes fully appreciated.