• Ethereum sees a poor performance against Bitcoin, with the ETH/BTC pair reaching a four-year low.
• ETH has declined by 2.48% over the past 24 hours.

Over the past months, Ethereum [ETH] has struggled to sustain an upward momentum, while Bitcoin [BTC] has continually made new highs.

As such, Ethereum has continued to struggle against Bitcoin as BTC.Dominance pushed the pair to recent lows.

In fact, as of this writing, ETH/BTC was trading at $0.031, hitting a four-year low for the pair. This dip raises concerns about Ethereum’s future prospects and whether it can reverse its fortunes.

Ethereum continues to struggle against Bitcoin

Throughout the past year, Bitcoin has made significant gains, rising by 144.45%. This marked a rise from $40K to $101K at the time of writing, while BTC has reached an ATH of $109K over the same period.

In comparison, Ethereum has made moderate gains over the same period, rising by 30.27% to $3219 at press time. Over this period, ETH remained approximately 33% below its ATH of $4891 recorded in 2021.

With the ETH/BTC ratio dropping to 0.031, it has erased all gains realized over the past four years. Historically, the pair peaked at 0.087 in 2021, when the market saw a strong upsurge in altcoins.

However, since reaching this level, the altcoin has experienced strong downward pressure.

Factors behind this decline

Various factors have resulted in Ethereum’s underperformance against Bitcoin. Notably, the king coin has experienced high preference from institutions and governments.

In this regard, many governments have considered establishing Bitcoin reserves, causing BTC to see higher preference and adoption rates compared to other crypto assets.