Ethereum price falls back to 2016 level against Bitcoin

The ratio between Ethereum and Bitcoin has fallen back to a level last seen in March 2016. Bitcoin analyst PlanB highlights a striking pattern in the ETH/BTC chart: Ethereum is currently trading at around 0.026 BTC, meaning that over a ten-year period the coin has effectively gained nothing against Bitcoin. That is a remarkable conclusion that is causing a stir in the crypto community.

Ethereum is available at OKX and Bybit.

No bull run for Ethereum in the latest cycle

PlanB, known for the stock-to-flow model for Bitcoin, shares his analysis on X, focusing specifically on the performance of Ethereum compared with Bitcoin. In his view, the most notable aspect is that during the 2023-2024 cycle, Ethereum has not shown a major ETH/BTC bull run, whereas that was the case in both 2017 and 2021. In those earlier cycles the ratio shot up significantly, but this time a similar move has completely failed to materialise.

That is all the more striking because the broader crypto market was certainly active during that period. Bitcoin itself recorded multiple new all-time highs, but Ethereum is clearly lagging behind. Anyone who bought Ethereum ten years ago with the aim of outperforming Bitcoin is therefore no better off today.

Bitcoin stands strong while Ethereum loses ground

At the time of writing, Bitcoin is at $62.200. up 2.5% over the past 24 hours. The crypto market is bouncing back after a tough period, but it is clear that not all coins are benefiting equally. Ethereum continues to structurally lag behind Bitcoin, both in the short and long term.

PlanB’s analysis ties into a broader debate about Ethereum’s position. Earlier this week it became clear that the Ethereum price is at a critical crossroads and that $1.750 forms a key zone. Whether Ethereum will manage to turn the tide against Bitcoin in the coming months remains an open question.