The Ether-Bitcoin (ETH/BTC) ratio, which measures the price of Ether (ETH) against the price of Bitcoin (BTC), has failed to reclaim 0.05, despite adoption of ETH by institutions and the historic price rally in July and August that took ETH to new all-time highs.

ETH/BTC has remained below the 0.05 level since July 2024, and the ratio peaked in June 2017 when it hit the all-time high of 0.14, according to CoinGecko. The ratio current sits at 0.039, down from the 0.04 reached in August.

The ratio fell to a 5-year low in March, collapsing to 0.02, amid macroeconomic uncertainty and rising trade tensions between the United States and its trading partners.

However, the cryptocurrency market recovered, rallying to new highs in the ensuing months. Ether’s price hit a series of highs in August, reaching an all-time high of $4,957 on August 24, before dropping by about 6.7% to the current price level.

The price of Ether has rallied by about 155% since July, as financial institutions adopt the token for treasury purposes, traditional equity investors purchase ETH through exchange-traded funds (ETFs), and the Ethereum Foundation pitches the network to Wall Street.

Related: Ether breaks out against BTC, but new highs depend on $4.7K becoming support

Ethereum outperforms BTC just 15% of the time since launch

Ether has outperformed BTC only 15% of the time since its launch in 2015, according to market analyst James Check.

Check’s data shows that the majority of ETH’s outperformance occurred between 2015 and 2017, in the wake of the launch of the world’s first smart contract blockchain platform and the initial coin offering (ICO) boom of 2017.

However, since 2020, BTC has outperformed ETH, according to a price history analysis shared by Check in April.

Market analysts are forecasting when Ethereum will reach the $5,000 milestone, which it narrowly missed in August by about $43 before retracing to current levels.

“With ETH near its previous ATHs, we may consolidate for a bit, given the very large run-up in such a short time frame,” Jake Kennis, an analyst at blockchain analytics and research company Nansen, told Cointelegraph during the August rally.

The analyst said that it may take weeks or months for ETH to hit new all-time highs following the heated price rally in August.

Magazine: Meet the Ethereum and Polkadot co-founder who wasn’t in Time Magazine