TechFlow reports on March 13, crypto analyst Checkmate said on X that the ETH/BTC trading pair has been down on 78% of trading days. Ethereum is repricing itself, reverting to its core demand attribute as a "gas fee token."
"Think about the total amount of gas fees you've consumed throughout your entire crypto market career, then compare it to the highest level you've ever held of this token. Even for those who have barely touched cryptocurrency, you likely hold 10 to 100 times more of the token than actual gas fee demand would justify," Checkmate stated.
"The idea that gas fee demand implies high token price and market cap is seriously misleading. This issue isn't unique to Ethereum—every smart contract L1 blockchain faces the same challenge. Without monetary premium, there's no favorable outcome, and Bitcoin is the apex predator in terms of monetary premium. In the digital realm, it has already won this war," Checkmate added.
