ETH Price Index and Live Chart – CoinDesk”>(ETH) has slumped to its lowest price versus bitcoin <a data-position="autolink" href="http://coindesk.com/price/bitcoin/" title="Bitcoin Price

Since Sept. 7, ETH’s value has fallen by 43% against BTC, from a price 0.08566 BTC down to 0.0482 BTC. Ether has increased by 41%, but bitcoin’s gain of 81% is much greater.

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Bitcoin dominance (which measures the share of bitcoin in the total cryptocurrency market capitalization) has increased from 39% to $54% over the last 14 months.

BTC dominance

Bitcoin’s rise against altcoins such as ether is attributed to two narratives. The first is the hope that an ETF for bitcoins will be approved by the U.S. government, and the second is the impending “halving,” which reduces the reward to miners of new BTC.

Bitcoin is expected to see new inflows worth “tens and billions” of dollars if the U.S. Securities and Exchange Commission approved a spot exchange-traded fund this week.

Bitcoin’s block rewards will be halved in April. This event has historically coincided with bull markets, as the newly mined supply was reduced.

Ethereum has also faded from the limelight following its much-hyped transition to a blockchain based on proof-of stake in 2022 . The total value locked up across all Ethereum protocols has decreased despite the price of 10%.

Nick Baker is the editor.