|

Ethereum turns five but ETH price Vs. Bitcoin never recovered since 2018

The Ethereum network is turning five years old, but ETH price performance versus Bitcoin leaves something to be desired.

Ethereum is five years old and Ether (ETH) has surprised investors with a trip above $300 — but compared to Bitcoin (BTC), the biggest altcoin is underperforming.

As data from on-chain monitoring resource Skew confirms, ETH/USD as a percentage of BTC/USD remains far below its all-time highs.

Ether stays far from Bitcoin price share highs

As of Ethereum’s birthday, Ether’s share stood at 3.1% of the BTC price. At its peak in January 2018, the figure was 11%.

Since the altcoin boom over two years ago, Ether has failed to reclaim much of its lost ground as Bitcoin took over the broader cryptocurrency market cap.

As developers pushed ahead with Ethereum’s transformation to Ethereum 2.0, only recently has ETH/USD begun rewarding patient bagholders.

The past week alone has seen price gains of 45%, beating Bitcoin’s performance as previous resistance at $285 fell away. At press time, ETH/USD traded at $325, fuelled by the DeFi token phenomenon and associated trading boom.

“Just tested former resistance as support to the sat,” popular analyst Scott Melker confirmed on Tuesday.

Chart

Ether price as a percentage of Bitcoin price 3-year chart. Source: Skew

Lukewarm birthday wishes

Nonetheless, not everyone was convinced.

“ETH/BTC stops dumping for a change and ETH maxis go full blown manic,” Blockstream developer Grubles wrote on Twitter on Sunday. 

“Just recently ETH/BTC was at Coinbase-listing levels from nearly 5 years ago.”

Meanwhile, the past weeks have seen significant changes in realized correlation between the two cryptocurrencies, with the 1-month measure showing particular divergence from the norm. 

Chart

ETH/BTC realized correlation comparison. Source: Skew

Cointelegraph has published a dedicated retrospective to celebrate Ethereum’s fifth anniversary, taking a look at the project’s ups and downs since 2015.

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

More from Cointelegraph Team
Share:

Editor's Picks

Cardano Price Forecast: ADA risks steeper decline amid easing retail demand 

Cardano is trading in the red on Thursday, with roughly 10% losses so far this week, suggesting capitulation after last week’s 30% rally. Waning retail demand in ADA futures amid declining Open Interest and funding rates suggests capitulation speculation. The technical outlook for ADA is bearish, with bears targeting the 50-day Exponential Moving Average at $0.1899.

Top Altcoins Price Forecast: Ripple eases to $1.40, Solana hits $100, DOGE capped below $0.10

Ripple and Dogecoin are facing downside pressure after double-digit gains last week, while Solana extends its rally to $100. The technical outlook for XRP, SOL, and DOGE points to potential upside as the broader market sustains a risk-on sentiment.

Ethereum Price Forecast: Derivatives demand cools after short squeeze-led rally

After Ethereum gained over 30% last week, bulls have begun dominating its net taker volume. The 30-day moving average of the metric flipped positive last week, indicating immediate market activity in perpetual futures leans toward the upside.

Crypto Overview: Bitcoin holds at $78,000 amid US PCE surprise – SPX6900, VeChain rally

The broader cryptocurrency market maintains a constructive tone, with Bitcoin sustaining gains above $78,000 on Thursday. The US July Personal Consumption Expenditures (PCE) Price Index inflation came in higher than expected on Wednesday, suggesting that inflation remains elevated. SPX6900 and VeChain recorded double-digit gains over the last 24 hours, emerging as top performers.

Bitcoin: The US Treasury saves BTC

Bitcoin extends gains, trading above $77,000 on Friday after rallying over 20% and reaching its highest level since mid-May. Crypto markets continue to cheer the US Treasury’s decision to double its debt buyback operations, posting their 7th-largest liquidation event in history.