Ethereum (ETH), the second largest cryptocurrency, has seen a sharp decline against Bitcoin (BTC), reaching levels not seen in almost five years. Despite the setback, the community remains optimistic about its potential.
ETH/BTC loses 19%, hits April 2020 lows
On February 3, 2025, the ETH/BTC pair hit an unbelievably low level of 0.02389, equivalent to 41.86 Ethers per Bitcoin. This price point is the lowest since April 2020. The most significant drop occurred at around 5:00 a.m. (UTC), when ETH/BTC fell from 0.029 to 0.02389 in less than 15 minutes. Over the last 12 months, ETH/BTC has decreased by 50%, while Bitcoin's dominance has surged to more than 63%, the highest since Q4 2021.
$2.32 billion liquidation tsunami
The crypto markets plunged amid panic over potential new trading restrictions between the U.S., Canada, China, and Mexico. In the last 24 hours, approximately 750,000 traders were liquidated on crypto exchanges, losing over $2.32 billion in total. The Cryptocurrency Fear and Greed Index dropped to 44/100, its worst since October 2024. Within a week, market sentiment shifted from 'Extreme Greed' to 'Fear'.
Crypto market status: analysis
At press time, some major assets have shown slight recovery: Bitcoin is trading at $95,400, and Solana is back above $200. Meanwhile, Ethereum and XRP remain deep in the red.
The current state of the cryptocurrency market demonstrates significant volatility and uncertain dynamics, with potential for substantial losses and a sharp drop in key indices. The crypto community continues to watch developments with cautious optimism.
