Ethereum Stalls in Quest for Market Parity with Bitcoin

Ethereum has outperformed Bitcoin over the past three months, but whether this means the 'flippening', when Ethereum's market value surpasses Bitcoin's, is imminent remains uncertain.

Ethereum has surged about 72% over the past 90 days, while Bitcoin has risen around 42%. This trend holds true for both the 60- and 90-day windows. However, despite this significant gap in performance, Ethereum still needs to grow approximately five times its current market value relative to Bitcoin to achieve the flippening.

The 'flippening' trade requires Ethereum's market share to climb above 11.4% while Bitcoin's drops below 58.6%. Currently, Ethereum is trading at $2,708, and Bitcoin sits at $84,883. To reach parity, Ethereum must overcome a substantial gap in market value, approximately 5.1 times greater than its current worth.

Ethereum has made significant strides from its low point of $1,551 on July 1, which was down 69% from its peak of $4,956 in August 2025. Bitcoin, however, fell to $57,718 at the same time, down only 54% from its October 2025 all-time high.

The recent rally hasn't returned Ethereum to its January price as it still needs about 10% more to reach $2,967. Fund money is still favoring Bitcoin, with U.S. spot Bitcoin ETFs attracting $999 million on September 21, compared to Ethereum funds pulling in only $270 million.