(Bloomberg) — Ethereum was promoted as Bitcoin 2.0 by many early advocates because the programmable aspects of the blockchain network allowed users to do more than just make peer-to-peer payments. It also led to scores of predictions that the Ether token would surpass Bitcoin in overall value.

More than a decade later, the long-forecast “flippening” in market value has failed to materialize, with Ether becoming an eternal also-ran to Bitcoin. One consequence is that Ether has tended to do worse than Bitcoin during periods such as during the current market downturn because of lower liquidity.

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Ether has stumbled almost 60% since its peak in August, while Bitcoin is down…