The post Ethereum Outperforms Bitcoin: Will the “King” Be Replaced Soon? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Over the past few days, the crypto market has been experiencing a slight pull down. Today brought worse news, as Bitcoin plunged below $23,000, to trade around $22,000.
On the other hand, the lead altcoin, Ethereum, has reclaimed its $1,700 price area with an increase of 0.41% over the last 24hrs- seemingly leaving the “king” behind.
Meanwhile, macroeconomist, Alex Kruger, has disclosed some data that suggests that it’s been quite a while that bitcoin org
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has entered the macro asset list and hence, crypto traders can easily use BTC to trade Ethereum. Bitcoin’s volatility has always influenced ethereum
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along with other altcoins.
To prove his point, the analyst displays a chart that highlights Nasdaq’s momentum against Ethereuma and Bitcoin. The chart proves that both ETH and BTC move parallely.
Ethereum Price Gains 60%
Further, Kruger compares Ethereum and Bitcoin, commenting that ETH is a new version of BTC.
The economist believes that whenever there is a bull run, people should turn their attention toward ETH which is a better bet as compared to Bitcoin and offers higher returns.
It’s historically proven that high volatility brings with it major investor panic.
However, since mid-July, Ethereum has actually performed much better with a surge of 60% in the last few weeks. Comparatively, Bitcoin was seen consolidating with just a 25% price rise.
This bear market has been insightful and led to situations that weren’t previously anticipated like Ethereum beating out Bitcoin. One of the possible reasons for such a performance is Ethereum’s upcoming Merge scheduled for September 19, 2022.
Source: https://coinpedia.org/ethereum/ethereum-outperforms-bitcoin-will-the-king-be-replaced-soon/