- The ETH/BTC ratio remains under 0.05, far below its 2017 peak of 0.14.
- Ethereum surged 155% this summer, hitting $4,957 before a slight pullback.
- ETH has only outperformed BTC 15% of the time since launch, raising doubts about when the ratio will turn bullish again.
The Ether-Bitcoin (ETH/BTC) ratio, a key measure of how Ethereum stacks up against Bitcoin, still hasn’t managed to reclaim the 0.05 mark. This comes even after a wave of institutional adoption and Ethereum’s explosive rally through July and August that sent ETH to fresh all-time highs.
The ratio has stayed under 0.05 since July 2024, sitting now at 0.039—down from the brief 0.04 level in August. For perspective, the ETH/BTC ratio peaked all the way back in June 2017 at 0.14, a high that still hasn’t been revisited. Earlier this year, in March, the ratio even collapsed to 0.02, a five-year low, as global macro uncertainty and U.S. trade tensions rattled markets.
Ethereum Hits New Highs, But Ratio Lags Behind
While the ratio has struggled, Ether itself has been on fire. ETH surged 155% since July, reaching a record $4,957 on August 24 before cooling about 6.7%. Driving that rally was a mix of big players stepping in—institutions using ETH for treasury reserves, ETFs giving traditional investors exposure, and the Ethereum Foundation actively courting Wall Street.
The market recovery since March has been dramatic, and Ethereum’s price story shows that adoption is clearly climbing. But the ETH/BTC ratio tells a different tale: Ethereum may be gaining dollar value, but it still hasn’t outpaced Bitcoin in relative terms.
ETH Has Only Outperformed Bitcoin 15% of the Time
Market analyst James Check points out that ETH has only beaten BTC around 15% of the time since Ethereum launched in 2015. Most of those wins came early—between 2015 and 2017—when Ethereum was brand new, smart contracts were just taking off, and the ICO boom added rocket fuel.
Since 2020, though, the pendulum has swung back in Bitcoin’s favor. Even with Ethereum’s explosive summers and milestone upgrades, BTC has usually held the upper hand when measured head-to-head. That gap is exactly what the ETH/BTC ratio keeps highlighting.
Can Ethereum Finally Break Past $5,000?
Analysts are already looking ahead to the next big milestone for ETH—$5,000. Ethereum came painfully close in August, missing it by just $43 before sliding back. If momentum carries forward, the question isn’t just whether ETH can push to $5K, but whether it can start closing the performance gap with Bitcoin that’s been widening for years.
For now, Ethereum’s dollar strength is undeniable, but the ETH/BTC ratio remains stuck. Until that changes, Bitcoin continues to set the pace, with Ethereum trailing in its shadow despite one of its strongest rallies yet.
