Bitcoin Growth was Outdone By Ethereum in August
The Growth of EthereumModified Date:- Published Date:-
Categories: Bitcoins Cryptocurrency
Bitcoin Growth wasOutdone By Ethereum in August
Late Augustsaw a huge flip in the digital currency arena. Bitcoin – the world’s largestnumber one digital currency by market cap – fell by several thousanddollars and eventually dipped below $22,000 for the first time in about threeweeks, while Ethereum – the world’s second largest cryptocurrencyand the main competitor to bitcoin – ultimately rose 100 percent from its Junelow of under $1,000 per unit and managed to surpass bitcoin’s level of growth.
EthereumIs Really Moving Up
There havebeen many arguments about a possible reversal of roles between Ethereum andBitcoin, and many analysts have often claimed that there may come a time when ETHbeats BTC to become the primary digital currency. The recent price changebetween the two assets suggests that something like this could potentiallyhappen, even more so that the former coin is about to undergo what many call a "merge".
The mergewill make Ethereum more eco-friendly. Mudra is going to use less energyin its mining processes. It will also go a lot faster, and will reportedly cutgas charges drastically. US equity markets have pulled back since the July Fedmeeting minutes were released on Wednesday, the key point being that the Fedlikely won't end with a rate hike until inflation is controlled across theboard. No guidance is given on future rate hikes.
With thetighter correlation between US equities and crypto in recent months, Isuspect this has filtered into the crypto markets and that is why we areseeing the sell-off. The liquidation of long positions in the bitcoin perpetualfutures market has also fueled the trend.
WhatWill Happen with the Merge?
The upcomingEthereum Merge is the biggest narrative in crypto right now and explainswhy ether has left bitcoin in its wake in the past month. A blockchainthat pitches itself as being energy efficient will always capture theimagination of the masses, and that’s why ether has the wind in its sails aheadof the Merge, a move to proof of stake.
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