Ethereum has lost ground to bitcoin over the past month, with the ETH/BTC ratio slipping to 0.0295 as ether fell much further than bitcoin in dollar terms. Ether traded at $2,234.61 at 04:42 UTC on Sunday 8 November, 17.0% below its close of $2,691.35 thirty days earlier. Bitcoin stood at $75,800 over the same window, down 9.9% from $84,090.

The ratio measures the two assets against each other rather than against the dollar, and it tells a sharper story than either price alone. One ether is now worth 0.029466 bitcoin. Over the last 30 daily closes on Kraken, the ratio has traded between 0.028908 and 0.030286. It touched the low end of that band on 29 October, recovered to 0.030124 on 4 November, and has since drifted back down. On 10 October the ratio closed at 0.030202, and on 25 September it stood at 0.032005. Returning to the October level would need a 2.5% gain in the ratio; returning to late September would need 8.6%.

The price readings line up across trading venues. Coinbase printed $2,233.32 for ether and $75,797.06 for bitcoin in the same minute, while Kraken quoted $2,233.73 for ether and $75,800.70 for bitcoin. CoinGecko put ether's market capitalisation at $273.10 billion. Bitcoin, at $75,836 and a $1.525 trillion valuation, implies 20.11 million coins in circulation. Ether is therefore worth 17.9% of bitcoin's entire valuation.

The wider market frames the comparison. Total cryptocurrency market capitalisation stands at $2.564 trillion, with bitcoin's dominance at 59.35% and ether's at 10.63%. Solana traded at $89.08 for a $52.66 billion valuation, XRP at $1.16 for $73.75 billion, and BNB at $695.53 for $91.47 billion. Ether remains the second-largest crypto asset by a wide margin, but it is still priced as though the market expects bitcoin to keep the larger share of any new money.

What the data does not show is a single cause for the move. Over the 30 sessions to 8 November, ether fell 17.0% while bitcoin fell 9.9%, and none of the price feeds examined carry an attribution for the gap. Claims that a specific flow, cohort or headline drove the move would need position, flow or holder data that this dataset does not contain. The measurable fact is the direction and size of the relative move, not its author. Ether can rise 5% in dollars and still lose ground against bitcoin if bitcoin rises 7%, and the two have diverged for six weeks.

The levels that would change the picture are clear from the trading data. On Kraken daily closes, ether's 30-session range is $2,170.00 to $2,576.94, and the seven-session range is $2,201.26 to $2,447.27. Spot at $2,234.61 sits 2.9% above the 30-day low and 13.3% below the 30-day high. A daily close below $2,170 would break the base that has held for a month, while a close above $2,447.27 would remove the lower-high pattern that has capped every bounce since 4 November.

The nearest dated development on the Ethereum side is not a price event. Two proposals that change what state costs on the network, EIP-8037 and EIP-8038, are marked Last Call, with a listed deadline of 1 November 2026, and both remain in peer review. EIP-8038, titled State-Access Gas Cost Update, would update the gas cost of state-access operations to reflect Ethereum's larger state. The published proposal pages do not state which network upgrade will carry them or on what date. This article is for information only and is not investment advice. Market data is a snapshot taken at the times stated and will change.