Bitcoin Outperforms Ethereum, Leading 2023 Performance
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Bitcoin has been significantly outperforming Ethereum in 2023, outperforming Ethereum every quarter.
In the first quarter, Bitcoin’s 72% increase in value significantly exceeded Ethereum’s 52% increase. This trend continued into the second quarter, with Bitcoin and Ethereum growing by 7% and 6% respectively. While both experienced downturns in the third quarter, Bitcoin’s -12% drop was less severe than Ethereum’s -14% drop. There was a recovery in the fourth quarter, with Bitcoin rising 57%, outpacing Ethereum’s 37% gain.
Interestingly, Bitcoin dominance doesn’t just happen in 2023; It actually goes back to 2022, meaning Bitcoin has outperformed Ethereum in six of the past eight quarters.
This performance difference is evident in the Ethereum to Bitcoin ratio. Ethereum has previously risen sharply relative to Bitcoin in 2021, rising from a low of 0.02 in January 2021 to a peak of 0.088 in December, an increase of 284%. However, the ratio has since dropped significantly to 0.52, but it is worth noting that it is still 127% above the 2021 low.
In 2023, Ethereum’s value relative to Bitcoin fell by approximately 28%. Bitcoin’s market cap dominance is around 52%, which makes us think about whether Bitcoin’s market dominance will continue.
Bitcoin quarterly return (%)
| time | Q1 | Q2 | the third quater | fourth quarter |
|---|---|---|---|---|
| 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 profit (%)
| time | Q1 | Q2 | the third quater | fourth quarter |
|---|---|---|---|---|
| 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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According to Cryptoslate
