Could Ethereum Outshine Bitcoin Once Again? An Analysis for 2019 Redux

Case for why Ethereum could outperform Bitcoin

Summary:
This article examines the possibility of Ethereum (ETH) surpassing Bitcoin (BTC) once more, focusing on past market patterns, recent performance data, and the evolving landscape of blockchain technology in the cryptocurrency market.

Key Takeaways:

Analyst Michael van de Poppe suggests a potential repeat of Ethereum's performance seen in 2019.
The ETH/BTC ratio has shown signs of significant recovery, raising hopes for a breakout.
Ethereum's fundamental metrics indicate strong growth, capturing an increasing market share compared to Bitcoin.
Current market conditions and regulatory developments may favor Ethereum over Bitcoin in the near future.

ETH/BTC

Analyzing Market Patterns

While every market cycle is unique, certain recurring patterns can provide insights. The insights shared by analyst Michael van de Poppe hint at a potential reshuffling of top cryptocurrencies, reminiscent of pre-COVID dynamics. Historically, these cycles have often led to rotational capital flows into alternative assets.

Looking back at the 2019 market cycle, the ETH/BTC ratio bottomed out at 0.02 before launching into an impressive rally exceeding 300% by the end of the third quarter in 2021. This raises an intriguing question: can Ethereum replicate this performance?

The current technical analysis of the ETH/BTC ratio shows it rebounding from that same 0.02 low. Since the second quarter of 2025, we’ve observed a significant upward movement of approximately 75%. In this same timeframe, Ethereum has experienced an 80% increase, reaching $3,400, whereas Bitcoin's price rose only 15%. Initially this year, Ethereum faced a 38% drop in the ETH/BTC ratio but has since recovered. If this recovery trend continues, we could see the beginnings of an upward breakthrough.

Ethereum’s Layer 1s are Gaining Attention

While it may seem ambitious to anticipate another pre-COVID-style cryptocurrency surge, the logic is sound. Since the COVID-triggered rally, the crypto market has evolved. Bitcoin now plays a central role in capital inflows, reaching a remarkable market cap of $2.5 trillion by early Q4 2025.

However, Ethereum is also establishing its own footing, displaying robustness in essential metrics. For example, Ondo Finance accounts for 11% of Ethereum's Real World Asset (RWA) Total Value Locked (TVL), with Ethereum recently achieving a throughput of 58,000 transactions per second (TPS).

Ethereum

Given the current landscape, Ethereum seems to be on a trajectory similar to what we witnessed in 2019. Ethereum’s on-chain performance is rapidly closing the gap with Bitcoin's market dominance. Notably, ETH’s market share has surged over 60% since hitting a low of 8% in Q2 2025, reinforcing the argument for Ethereum's growing prominence.

The striking difference this time around? Ethereum's dominance seems to stem from more solid fundamentals.

With the evolving regulatory framework, Layer 1 platforms like Ethereum are well-positioned to harness momentum effectively. The 75% rebound in the ETH/BTC ratio may serve as an early indicator of this promising trend.

Conclusion

Given the current performance metrics and historical precedents, Ethereum could be on the brink of outpacing Bitcoin once again. As the cryptocurrency landscape continues to evolve, both investors and enthusiasts should remain attentive to these developments.