Will Ethereum still outperform Bitcoin? By CoinEdition
© Reuters BTC vs. ETH: Will Ethereum Still Outpace Bitcoin?- Crypto expert believes ETH still outperforms BTC despite recent declines.
- BTC is currently trading at $18,689, down 6%.
- ETH is currently trading at $1508, down 8%.
Scott Melker, a cryptocurrency analyst, recently took to Twitter (NYSE: ) to convey his observation that he has seen a number of Bitcoiners celebrating Ether’s recent price drop.
I see many Bitcoiners celebrating the price drop.
Okay, fine, hang on.
But ETH is still trading 50% above its lows, while being less than $1,000 above its June price, a few percent.
ETH is still outperforming by a lot.
— The Wolf Of All Streets (@scottmelker) September 19, 2022
However, Ethereum is still trading at a price 50% higher than its 3-month low, but Bitcoin is only $1,000 higher than what it was worth in June and only a few percent higher. According to Melker, ETH continues to outperform the leading cryptocurrency in the world.
Bitcoin extended its negative price action over the weekend, with the leading cryptocurrency plunging to a new three-month low. At the time of writing, BTC is valued at $18,689. Bitcoin’s price has fallen by 5.99% in the last 24 hours, despite a 59.76% increase in daily trading volume.
On the other hand, Ethereum, the second largest cryptocurrency by market capitalization only recently experienced a long-awaited and presumably bullish technical development called Merge. At the time of writing, ETH has fallen below $1,308, representing a massive 9% drop over the previous twenty-four hours.
Ether diagram 24h. Source: CoinMarketCap
According to Cryptoslam, the trading volumes of NFTs on Ethereum have also decreased by more than 13.98% in the last 24 hours. Trading volume for Ethereum-based NFTs has decreased by approximately 30 percent on a monthly basis.
At this point, it is likely that Ethereum and other cryptocurrencies will continue to be susceptible to the same macroeconomic dynamics that have affected stocks and other riskier assets in recent months.
Disclaimer: The views and opinions, as well as all information shared in this price forecast, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
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