The 4ever Battle: BTC VS ETH. What Is A Better Investment, Bitcoin Or Ethereum?
Today, the crypto community is actively discussing two hot news: this is the Bitcoin fight abroad for $10,000 and the intense bullish growth of altcoins. Some sincere supporters of altcoins even make a high-profile statement that Bitcoin may lose its market position, as investors have paid massive attention to altcoins. What is awaiting the cryptocurrency market is still unknown, but analyzing market indicators, we can identify some trends.
Bitcoin is at a crossroads
During this week, Bitcoin made several attempts to establish its price above the resistance level of $10,000. But the flagship cryptocurrency does not have strong bullish impulses as its price focused on a range of $9,500 to $9,700.
Cryptanalysts were conditionally divided into 2 camps. Some of them are more pessimistic and believe that the level of $10,000 is the local peak that Bitcoin is capable of now. Other crypto enthusiasts believe that Bitcoin is now consolidating forces so that after breaking the milestone of $10,000, it will take the path of a long rally.
If you take into account the market performance of Bitcoin, the situation is ambiguous. On the one hand, the price of BTC increased by 7%. But on the other hand, the flagship cryptocurrency dominance index fell 1.36% to 64.7%. This indicator suggests that investors and traders turned their attention to the altcoin market, which in turn could become a driver for their growth.
Bitcoin price movement was affected by a halving of the reward. This is an undeniable fact since the trading activity of the miners in some way affects the correction of the price of the flagship cryptocurrency. Weak miners are struggling to cover up their operating costs by making the production process cheaper. Thus, we can observe how miners try to hold the market and this greatly affects the price of Bitcoin.
Ethereum rises to new market heights
While Bitcoin is floundering in uncertainty, the altcoins market has stood out from the flagship cryptocurrency over the past two weeks. A prime example of this is the Ethereum price movement, which is gaining strength exponentially. For 7 days, the price of ETH increased by 20%, this is a record figure for a coin, starting in February 2020.
Cryptanalysts give an optimistic forecast: if Ethereum can stay at the level of $247 for the period until the beginning of next week, there are great chances. that the coin will confidently take a course to overcome the milestone of $300.
Due to these conditions, the so-called Whales became more active. In particular, this is evidenced by the withdrawal of 700,000 ETH from the exchange to wallets. which were not previously active. Today, Ethereum is becoming a tidbit for investors, because during this week the volume of Ethereum on the balance of user wallets has increased record-high. The intrigue is also fueled by the launch of Ethereum 2.0, on which many large investors place big bets.