Ethereum is outperforming Bitcoin with smart capital flow shifts, but it is still quite far from the all-time price peak.
Despite rising nearly 30% in the last three weeks and gaining strong momentum, Ethereum is still trading 43% below its ATH in 2021 and has not escaped Bitcoin's significant influence in the current market cycle.
MAIN CONTENT
Ethereum is experiencing strong growth, surpassing Bitcoin in Q2 and the beginning of Q3 of 2025.
Ethereum's upward trend has not created a new peak and is still significantly influenced by Bitcoin's trend.
This major cryptocurrency is facing the challenge of converting its upward momentum into higher prices, despite increasingly strong infrastructure and investment capital.
Is Ethereum really surpassing Bitcoin in the current bullish trend?
Indicators show that Ethereum has risen nearly 30% in just three weeks, three times the increase of Bitcoin in the same period. Bit Digital even exchanged 280 BTC for ETH, demonstrating increasing confidence in the Ethereum platform.
Ethereum is showing strength as it outperforms Bitcoin by 1.2 times in Q2/2025, and Q3 continues this trend. However, the price of ETH has not yet fully reflected this growth momentum, while Bitcoin is entering a phase of price discovery. This shift in capital flow and outstanding performance is a significant sign that Ethereum is increasingly attracting institutional investors.
Why hasn't Ethereum been able to create a new peak despite many favorable conditions?
Ethereum currently holds about 10% of the cryptocurrency market share, equivalent to a market cap of $347 billion, but still falls far behind Bitcoin with over 60% market share. Bitcoin has recorded three all-time high prices since reaching $100,000, with the most recent being $111,936 on July 9, 2025.
Conversely, Ethereum has not closed above $3,000 for over 5 months and is still 43% below its ATH of $4,891 in 2021. The ETH/BTC ratio is at a low level, having not recovered halfway from the 5-year low of 0.018 reached at the beginning of Q2. Nevertheless, investment allocation for Ethereum from institutions like BlackRock (the holding group accounts for 42% of total ETH capital, approximately $4.45 billion) is increasing, raising market expectations for the next price surge.
Ethereum has a significant opportunity to break out if demand exceeds supply in the near future, but the price has not been able to keep up with the growth rate and capital flow.
Michael Sonnenshein, CEO of Grayscale, 7/2025
Ethereum is superior, but can it escape Bitcoin's influence?
Ethereum has broken through the resistance level of $2,815 and is heading towards the challenge of $3,000, indicating potential for price increase. However, signs show that ETH remains heavily dependent on BTC's movements and has not detached from its own price cycle.
In May, while BTC slightly adjusted, Ethereum dropped sharply by 24%, doubling Bitcoin's decline. The uncertainty about Ethereum's role between a growth protocol and a utility asset is making it difficult for investors to position ETH's true value.
Recent important protocol updates have not increased on-chain demand, reflecting a major challenge for ETH in maintaining independent upward momentum.
Ethereum is still in the process of seeking its own identity, between the role of a utility asset and a growth asset, unlike Bitcoin.
Ryan Sean Adams, cryptocurrency developer, 6/2025
Frequently Asked Questions
What is Ethereum and how is it different from Bitcoin? Ethereum is a cryptocurrency platform that supports Smart Contracts, unlike Bitcoin, which primarily serves as a store of value and payment medium. Why hasn't Ethereum reached a new price peak like Bitcoin? Despite many upgrades, Ethereum is still influenced by Bitcoin's cycle and has not escaped its close relationship with Bitcoin's price. Is investing in Ethereum safer than Bitcoin? Ethereum has high potential with many DeFi and NFT applications, but the risks remain significant due to market volatility and dependence on Bitcoin. Will Ethereum separate from Bitcoin in the future? Currently, ETH is still closely linked to BTC, but with technological advancements and increasing institutional capital, the possibility of separating cycles is being closely monitored. What factors influence Ethereum's price? Key factors include network upgrades, institutional investment flows, cryptocurrency market volatility, and price relationships with Bitcoin.
Source: https://tintucbitcoin.com/ethereum-vuot-bitcoin-nhung-chua-dat-ath/
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