Crypto Kings: The Largest Cryptocurrency Fortunes Ever Amassed

Visualizing the Ethereum to Bitcoin Ratio (2015-2024)

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The value of ethereum compared to bitcoin recently hit a three-year low, but a reversal could be on the horizon following Trump’s election victory.

The second-largest cryptocurrency by market cap behind bitcoin, ethereum has historically followed bitcoin’s price movements against the U.S. dollar with more volatility.

This graphic uses data from TradingView to show the ETH/BTC ratio, a key barometer of the cryptocurrency market’s interest and demand for altcoins (alternative cryptocurrencies besides bitcoin and ethereum), which can be purchased using ETH on the Ethereum blockchain.

How Has the ETH/BTC Ratio Changed Over Time?

Today, the second-largest cryptocurrency has returned 32% year-to-date against the U.S. dollar while bitcoin has climbed 83% to reach about $77,000 as of November 8th.

Overall, the ETH/BTC ratio has declined sharply since its highs in September 2022, when the Ethereum blockchain updated to a proof-of-stake network to improve security and energy efficiency.

While investor optimism leading up to this event pushed ethereum’s prices higher, interest waned after the event. This coincided with a broader crypto winter in 2022, with investors turning to bitcoin or other safer assets.

The last time the ETH/BTC ratio dropped this low, ethereum rallied 120% in the next two months. While institutional investors have largely focused on bitcoin, ethereum has attracted comparatively less interest, despite its pivotal role in decentralized finance.

What Drives Ethereum’s Price and Volatility?

Driving ethereum’s significant price gains against bitcoin is the increasing emergence of initial coin offerings and decentralized applications (DApps) that are run on the Ethereum blockchain

In 2021, the ETH/BTC climbed to 0.87 as interest in DApps gained renewed momentum. By the end of 2021, there were 2.7 million unique active wallets connected to DApps, and across the wider decentralized finance space, 60% were run on the Ethereum blockchain.

Fast-forward to today, bitcoin still dominates the crypto landscape. bitcoin ETF assets stand at roughly $70 billion, more than doubling over the past year. In contrast, ethereum ETF assets under management have fallen from nearly $10 billion to $7 billion as of early November. However, since November 6, ETF inflows have surged by $132 million in two days, signaling bullish sentiment among investors.

Learn More on the Voronoi App

To learn more about this topic from an ownership perspective, check out this graphic on the largest corporate holders of bitcoin.

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