Ever since ‘crypto’ entered the mainstream, bitcoin has been the superstar.  Sure, doge has gotten its 15 minutes, but at least nine out of ten times, if you ask someone about crypto, the first asset they are going to mention is bitcoin. The next most popular crypto asset has pretty much always been ethereum, but it has always taken a backseat to bitcoin.  Even today, while bitcoin has a total market value of just over one trillion dollars, the total value of ether out there is just under $300 billion.

While ethereum is less than a third the size of bitcoin, in recent days it has been holding up very well given the pullback in bitcoin.  The chart below shows the performance of both crypto-currencies over the last six months.  While they’ve followed relatively similar paths, you’ll notice that despite bitcoin’s 15%+ pullback, ether has traded to record highs.

Another way to put the recent performance of ether versus bitcoin into perspective is to compare the ratio of the two over time.  In the chart below, we show the ratio of bitcoin versus ether going back to early 2018.  A high ratio indicates that bitcoin is outperforming ether and vice versa.  Back in late 2018, the ratio between the two peaked out at more than 60 ether per bitcoin, but it has been trending lower ever since.  In fact, as of today, one bitcoin is worth just over 21 ether which is the lowest ratio since August 2018.  Ether may have been nothing more than a single-A player relative to bitcoin a year and a half ago, but it has quickly worked its way up to the system and earned itself a spot in the dugout next to bitcoin.  Click here to view Bespoke’s premium membership options for our best research available.

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