Quick Take
Bitcoin has maintained a notable ascendancy over Ethereum throughout 2023, sustaining a performance that outstripped Ethereum each quarter. In Q1, Bitcoin’s value surge of 72% significantly overshadowed Ethereum’s 52% increase. The trend continued into Q2, with Bitcoin and Ethereum growing at 7% and 6% respectively. While both experienced a downturn in Q3, Bitcoin’s dip of -12% was less severe than Ethereum’s -14%. Q4 saw a rebound, with Bitcoin surging 57%, outpacing Ethereum’s 37% rise.
Interestingly, this dominance of Bitcoin did not spring up in 2023 alone; it actually extends back into 2022, meaning Bitcoin has outperformed Ethereum for six out of the past eight quarters.
This performance differential is evident in the Ethereum to Bitcoin ratio. Ethereum had previously gained significant ground on Bitcoin throughout 2021, rising from a low of 0.02 in Jan. 2021 to gain 284% by December, peaking at 0.088. However, since then, the ratio has fallen significantly to 0.52, though notably it remains 127% higher than the 2021 low.
Over the course of 2023, Ethereum’s value relative to Bitcoin declined by roughly 28%. With Bitcoin’s market cap dominance standing at approximately 52%, it leads us to ponder whether Bitcoin’s market supremacy will persist.
Bitcoin Quarterly returns(%)
| Time | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2024 | +6.93% | – | – | – |
| 2023 | +71.17% | +7.19% | -11.54% | +56.9% |
| 2022 | -1.46% | -56.2% | -2.57% | -14.75% |
Source: Coinglass
Ethereum Quarterly returns(%)
| Time | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2024 | +3.25% | – | – | – |
| 2023 | +52.15% | +6.29% | -13.64% | +36.66% |
| 2022 | -10.75% | -67.34% | +24.09% | -9.94% |
Source: Coinglass
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