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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.
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.
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.