In This Article
Ethereum (ETH), the second-largest cryptocurrency by market cap, has fallen over 17% in the past 24 hours, per CoinGecko. The Vitalik Buterin-led digital asset has plunged below $1,500, and it seems there is no end in sight for the sell-off.
While Bitcoin has also tanked nearly 7% on the day and is currently trading at around $77,000, ETH is currently trading for $1495 at the time of writing.
Tomorrow is shaping up to be Black Monday 2.0 pic.twitter.com/Y4pRVrYMo9
— Maine (@TheMaineWonk) April 6, 2025
ETH/BTC At Lowest Level Since 2020: Is Ethereum Cooked?
With ETH falling much further than BTC, the ETH/BTC ratio has now collapsed to the lowest level since March 2020. Earlier today (April 7), it reached an intraday low of 0.01965 BTC on the leading exchange, Binance.
As Bitcoin has seen a slight rebound to above $77,000 after slipping briefly below $75,000, ETH, on the other hand, seemingly can’t stop bleeding.
It has led to many on X stating that they can’t wait to purchase ETH at treble digits once again, with one trader stating, “I am ready to buy $ETH under $1000,” followed by a smiling, teary-eyed emoji.
Per CoinGecko, ETH hasn’t traded under $1,000 since the peak bear market on June 19, 2022. On that date, it briefly hit $995 before climbing above $2,000 less than two months later.
If you bought $ETH 7 years and 3 months ago, you would be breakeven now. Amazing tech.
— VikingXBT (@VikingXBT) April 7, 2025
At current prices, those who bought Ethereum at the peak of the 2018 bull market, in January 2018, would have made zero gains on their investment. It is sobering that over seven years later, ETH is back trading at 2018 bull market prices.
ETH, along with the rest of the cryptocurrency market, is getting annihilated following President Trump’s disastrous Tariffs, which have wiped out over $6 trillion from the US stock market over the last week.
The bleeding across crypto looks set to continue, with TradFi analysts calling for a ‘Black Monday’ when the stock markets open across the US in a little under three hours from now.
Bigger Picture For Ethereum: Has The Success Of Solana (SOL) Contributed To Its Insane Underperformance?
Although the crashing of Ethereum isn’t an anomaly, with all of the crypto and TradFi markets also suffering, there is a bigger picture to see when zooming out.
The current crashes of the major digital assets are all fairly close percentage-wise. BTC is down nearly 7%, ETH is down over 16%, and SOL is down 15%, making it seem as though they are all suffering in similar ways.
However, when you dig deeper, Bitcoin has fallen to around $75,000 after climbing above $100,000. After briefly hitting $16,000 in November 2022, BTC returned nearly 7x for anyone who bought around those 2022 lows and held to the January 2025 highs.
Even with the current crash, those sub-$20,000 BTC buyers are still up over 4x. SOL is a similar story. After crashing to around $11 in December 2022, it rose nearly 23x as it climbed to over $250 in January 2025. Even with its recent slip to $100, those who bought in December 2022 are still up nearly 10x.
This is where ETH starts to look bleak. After briefly going below $1,000 in Jun 2022, it only climbed as high as $4,000 in December 2024. These returns barely scraped 4x from those 2022 lows, while BTC and SOL rose 7x and 22x, respectively.
Of the three, ETH has since fallen the furthest, where it now trades below $1,500, meaning just a 30% drop from these levels, and it will be back trading at those 2022 lows.
The rise of Solana in the last few years, with its ease of use, low fees, and instant transactions, has made it the go-to blockchain for meme coins and new investors alike.
When you add in the introduction of Pump.fun. the meme coin launchpad that catapulted Solana to become the number 3 cryptocurrency by market cap briefly, it becomes clear why Ethereum has struggled so much since 2022.
At peak times, Ethereum can become heavily congested, and transactions can cost over $50 to process. In comparison, Solana is mostly stable and, at most, only ever costs a few cents for a transaction. It is no surprise that this has led to many traders leaving Ethereum and choosing to trade on Solana instead.
Even $SOL is stronger then $ETH in this panic lmao.$SOLETH up %1 today…@VitalikButerin is truly cooked. pic.twitter.com/q4ajYcaWTx
— Pepper (@CryptopepperP) April 6, 2025
Solaxy (SOLX): First Ever Layer-2 Solution On Solana Has Just Hit $29.3m In Presale Funding
What is Solaxy? 🤔
Solaxy is the latest and greatest improvement to Solana that:
🛸 Processes transactions off-chain to reduce congestion
🛸 Uses rollups to bundle transactions for cost-efficiency
🛸 Maintaining security on Solana’s L1
The result? A faster, cheaper, &… pic.twitter.com/aphIimSVOy
— SOLAXY (@SOLAXYTOKEN) March 13, 2025
While Vitalik and Ethereum don’t seem to be doing anything to address the long-standing issues of its blockchain, Solana is seeking to improve on an already successful setup.
Solaxy (SOLX) is the first native L2 solution for Solana, aiming to enhance speed, security, and stability across the Solana ecosystem. Its presale has already raised over $29m, and $30 m looks very likely in the short term.
This L2 solution aims to change the congestion issues that Solana suffers at peak times by implementing several key solutions. It works by processing transactions off-chain to reduce the strain on Solana’s network, utilizing rollups to bundle transactions for improved cost-efficiency, all while maintaining Solana’s strong security framework.
It is a much-needed protocol for Solana. Once the market reverses and liquidity flows back to crypto, Solana will once again become the place to trade. With Solaxy in full flow by then, it can assist in handling the stress Solana will find itself under, ensuring a continuation of speedy transactions and network stability.
How To Take Part In The SOLX Presale
To join the presale before it closes for good, visit the Solaxy presale website and connect your wallet – such as Best Wallet. You can then purchase SOLX with BTC, ETH, SOL, USDT or even with a bank card.
Best Wallet’s multi-chain support offers a smooth way to manage SOLX. You can download Best Wallet from Google Play or the Apple App Store.
Once purchased, you can choose to stake your SOLX for a tidy 139% APY. Simply sit back and earn passive income while waiting for the Solaxy ICO to conclude.
Stay updated on Solaxy’s latest developments by joining its X and Telegram communities.
DISCOVER: Best Meme Coin ICOs to Invest in April 2025
Join The 99Bitcoins News Discord Here For The Latest Market Updates
ETH is the biggest loser amongst all major digital assets
- ETH/BTC is at its lowest point since March 2020
- Solana has seemingly killed Ethereum due to its ease of use and cheap transaction fees, something Ethereum still hasn’t adddressed
- ETH is trading at similar prices to its January 2018 bull market highs
- Solaxy (SOLX) is a native L2 solution for Solana and its introduction may be another nail in the coffin of Ethereum
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
