Ethereum

Token

Fusaka

April

The Ether–Bitcoin (ETH/BTC) ratio bottomed in April 2025 and has since followed a trajectory similar to the 2019 market cycle, according to crypto market analyst Michaël van de Poppe.
A surge in stablecoins, <a href="https://cointelegraph.com/learn/articles/tokenized-real-world-assets-rwa-in-defi" rel="noopener noreferrer nofollow">tokenized real-world assets</a> (RWAs), which are traditional or physical assets represented as tokens on a blockchain, and developer activity on the Ethereum network are reasons to be bullish on Ethereum’s price, van de Poppe said.
“The stablecoin supply on Ethereum has seen an increase of more than 65% in 2025. It's doubled since the peak in 2021,” he wrote in a Sunday X <a href="https://x.com/CryptoMichNL/status/2010345988335276370" rel="noopener noreferrer nofollow" target="_blank">post</a>.
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 <img alt="Ethereum, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2026-01/019baed4-1257-7498-bb01-75f95f61abd6.png" title="">
 <figcaption style="text-align: center;">
 The stablecoin market cap on Ethereum. Source: <a href="https://defillama.com/chain/ethereum?tvl=false&amp;stablecoinsMcap=true" rel="noopener noreferrer nofollow" target="_blank">DefiLlama</a>
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The total stablecoin market capitalization on Ethereum is over $163.9 billion, with about 52% of the market cap dominated by stablecoin issuer Tether’s USDt (<a href="https://cointelegraph.com/tether-price-index" rel="noopener noreferrer nofollow">USDT</a>) dollar-pegged stablecoin, according to <a href="https://defillama.com/chain/ethereum?tvl=false&amp;stablecoinsMcap=true" rel="noopener noreferrer nofollow" target="_blank">DefiLlama</a>.
Ethereum processed about <a href="https://cointelegraph.com/news/stablecoin-transfer-volume-ethereum-tops-8t-q4-ath" rel="noopener noreferrer nofollow">$8 trillion in stablecoin transfer volume</a> in Q4 2024 alone, <a href="https://x.com/tokenterminal/status/2007923331526459855" rel="noopener noreferrer nofollow" target="_blank">according</a> to Token Terminal.
The contrarian analysis of investor sentiment that Ether (<a href="/ethereum-price" rel="noopener noreferrer">ETH</a>) is dead or dying followed <a href="https://cointelegraph.com/news/eth-price-taps-dollar3-3k-here-s-what-must-happen-for-a-20percent-rally" rel="noopener noreferrer nofollow">ETH briefly, tapping $3,300</a> and breaking above its 365-day moving average, before falling back to about $3,100, the price at the time of publication.
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 <img alt="Ethereum, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2026-01/019baed4-c589-7507-8c22-914234b066f7.png" title="">
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 ETH popped up above the 365-day EMA before falling back to the $3,100 level. Source: <a href="https://www.tradingview.com/chart/g7xkPkTa/?symbol=BINANCE%3AETHUSD" rel="noopener noreferrer nofollow" target="_blank">TradingView</a>
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Related: <a href="https://cointelegraph.com/news/eth-price-5k-next-ethereum-rallied-120-percent-last-time-this-happened" rel="noopener noreferrer nofollow">ETH price to $5K next? Ether rallied 120% the last time this happened</a>
<h2 id="eth-btc-ratio-mirrors-2019-cycle">ETH-BTC ratio mirrors 2019 cycle</h2>
“ETH is called dead, as it has been trending downwards for four years against Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>). However, since April 2025, it has bottomed out, and we're already in an Ethereum market,” van de Poppe <a href="https://x.com/CryptoMichNL/status/2010345984467874263" rel="noopener noreferrer nofollow" target="_blank">said</a>.
He shared a chart of the Ethereum-Bitcoin (ETH-BTC) ratio, a metric that tracks the price and strength of ETH against BTC, which bottomed in April, around 0.017, before rallying to a local high of 0.043 in August 2025.
<figure>
 <img alt="Ethereum, Ethereum Price" src="https://s3.cointelegraph.com/uploads/2026-01/019baed6-67c5-71e1-be27-c8b6b6a9d7de.png" title="">
 <figcaption style="text-align: center;">
 The ETH-BTC ratio bottomed out in April 2025 and rallied. Source: <a href="https://x.com/CryptoMichNL/status/2010345984467874263" rel="noopener noreferrer nofollow" target="_blank">Michael Van de Poppe</a>
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The ratio climbed back down to 0.034, the level at the time of this writing, following a market-wide crash in October that disrupted the upward price trend in crypto markets.
<a href="https://cointelegraph.com/news/ether-sentiment-price-major-run-history-santiment" rel="noopener noreferrer nofollow">Current investor sentiment about Ethereum</a> is similar to investor sentiment patterns that preceded previous price rallies, according to crypto market analysis company Santiment.
Magazine: <a href="https://cointelegraph.com/magazine/ethereum-fusaka-fork-explained-dummies-peerdas/" rel="noopener noreferrer nofollow">Ethereum’s Fusaka fork explained for dummies: What the hell is PeerDAS?</a>

ETH-BTC ratio bottomed in April, mirrors 2019 cycle: Analyst

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