Ethereum vs Bitcoin Since 2020: The Two Biggest Crypto Assets, Charted
ETH-USD · BTC-USD · Since 2020 · $1,000 split across each
Bitcoin is the reserve asset of crypto and the one most people buy first. Ethereum is the platform layer that most of the rest of the ecosystem is built on. Starting in 2020 captures the full four-year cycle: the pandemic launch, the 2021 blow-off top, the 2022 collapse, and the recovery since.
The point of charting them together is not to crown a winner. It is to see how similar the shape is. Both trace the same enormous arcs, both had drawdowns that would end most stocks, and the gap between them opens and closes depending on exactly which month you start and stop.
What the chart shows
Ethereum led over the full 2020 window, but not the whole way
Measured from January 2020 to the latest close, Ethereum is ahead. Measured from the 2021 top, or across the 2022 bottom, the ranking flips more than once. This is a case where the start date does most of the arguing.
Both had drawdowns near 75 percent
The 2022 bear market cut both assets by roughly three quarters from their 2021 peaks. Anyone who bought the top and held needed years, not months, to recover. The chart shows the same brutal trough on both lines.
Correlation is high, but not one
The two move together most of the time, which limits the diversification benefit of holding both. The divergences that do appear tend to cluster around Ethereum-specific events like the 2022 move to proof of stake.
Dollar-cost averaging changes the story
A lump sum at the 2021 peak looks very different from spreading buys across the whole window. Because both assets spent long stretches below their highs, averaging in smoothed the ride considerably. The single-stock pages show the month-by-month version of this.
Frequently asked questions
Which was the better investment, Ethereum or Bitcoin?
It depends entirely on the start and end date. From January 2020, Ethereum is ahead as of the latest close. From the November 2021 peak, both are recoveries rather than gains. Use the interactive tool to check any window.
Why start in 2020 and not earlier?
Ethereum has reliable price history back to 2017, and 2020 is the cleanest common starting point that captures a full market cycle for both assets without the thin early liquidity of 2017.
What about Solana and other Layer 1s?
Solana and most competing Layer 1 chains did not have meaningful price history until 2021, so they cannot be charted from 2020 on the same basis. This comparison sticks to the two assets with a full-cycle record.
Are these total returns?
These are price-only. Ethereum staking yield and any other on-chain rewards are not included, which understates a staked-Ethereum position by a few percent per year. Bitcoin has no native yield.
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For informational and educational purposes only. Not financial advice. Past performance does not guarantee future results. All calculations are based on split-adjusted closing prices from Yahoo Finance and do not account for dividends, taxes, or trading fees. See our methodology and full disclaimer.