Fast Take
Bitcoin has maintained a notable ascendancy over Ethereum all through 2023, sustaining a efficiency that outstripped Ethereum every quarter. In Q1, Bitcoin’s worth surge of 72% considerably overshadowed Ethereum’s 52% improve. The pattern continued into Q2, with Bitcoin and Ethereum rising at 7% and 6% respectively. Whereas each skilled a downturn in Q3, Bitcoin’s dip of -12% was much less extreme than Ethereum’s -14%. This fall noticed a rebound, with Bitcoin surging 57%, outpacing Ethereum’s 37% rise.
Apparently, this dominance of Bitcoin didn’t spring up in 2023 alone; it really extends again into 2022, that means Bitcoin has outperformed Ethereum for six out of the previous eight quarters.
This efficiency differential is obvious within the Ethereum to Bitcoin ratio. Ethereum had beforehand gained vital floor on Bitcoin all through 2021, rising from a low of 0.02 in Jan. 2021 to achieve 284% by December, peaking at 0.088. Nevertheless, since then, the ratio has fallen considerably to 0.52, although notably it stays 127% larger than the 2021 low.
Over the course of 2023, Ethereum’s worth relative to Bitcoin declined by roughly 28%. With Bitcoin’s market cap dominance standing at roughly 52%, it leads us to ponder whether or not Bitcoin’s market supremacy will persist.
Bitcoin Quarterly returns(%)
| Time | Q1 | Q2 | Q3 | This fall |
|---|---|---|---|---|
| 2024 | +6.93% | – | – | – |
| 2023 | +71.17% | +7.19% | -11.54% | +56.9% |
| 2022 | -1.46% | -56.2% | -2.57% | -14.75% |
Supply: Coinglass
Ethereum Quarterly returns(%)
| Time | Q1 | Q2 | Q3 | This fall |
|---|---|---|---|---|
| 2024 | +3.25% | – | – | – |
| 2023 | +52.15% | +6.29% | -13.64% | +36.66% |
| 2022 | -10.75% | -67.34% | +24.09% | -9.94% |
Supply: Coinglass
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