Bitcoin & Ethereum
These two digital assets are apparently the ones that are moulding the financial landscape, but I can see something interesting; during this current season, it is as if BTC and ETH are dancing to different tunes.
link
Observing Bitcoin and Ethereum, it feels like following diverging paths of two friends. Bitcoin the elder brother had a crazy ride until March 14 peak.
Gosh!
It was so noisy around with everyone joining in the speculation game. The latest brief Glassnode’s report unveiled those short-term holders of BTC who scooped up coins just like there is no tomorrow by spreading roughly $240 billion all over six months only.
The twist here is; Ethereum never showed up for this celebration. While bitcoin broke records, it couldn’t even retest its all-time high in 2021.
What a damp squib!
However, short time holders of Ethereum were less excited as realized cap didn’t move much since touching bottom levels of the coin’s price.
To put differently, while Bitcoin was sprinting ahead, Ethereum remained stuck in first gear.
So, what accounts for the distinction?
Well, one such reason may be Bitcoin’s prominence sparked by spot Bitcoin ETFs.
Through these exchange-traded funds, people could easily get into Bitcoin thus pushing up demand and prices.
But Ethereum? It is still waiting its turn in the sun. The market is anxiously looking forward to the SEC’s determination on Ethereum ETFs expected by end May. For now, Ethereum investors like me are sitting on our hands waiting for Go🚦.
However, there is a silver lining despite Ethereum playing second fiddle to Bitcoin.
According to Glassnode’s analysis, fewer sharp drops have been experienced compared to those in bitcoin during Ethereum’ upward trend persistency remains strong with no considerable die-offs seen when compared with bitcoin.
Sure enough, at present it may be having trouble surpassing $3k but they call ETH stubborn for a reason. Earlier this year it reached nearly $4k which was indicative of its potentiality as a market mover. Even though it has dipped slightly since then I still think that ethereum will be able to recover.
To me, this whole Bitcoin against Ethereum drama is a reminiscence of the ever changing crypto world. It’s like being on a roller-coaster; it’s such a breath-taking experience and at the same time, one feels nervous.
However, irrespective of the dissimilarities between Bitcoin and Ethereum, one thing that is certain is that both have a place in finance going forward. Whether you are with team Bitcoin or Team Ethereum, these digital currencies are transforming the globe.
https://img.inleo.io/DQmVrg2ssruufF8rhvvDi3WnENVaDrNyQhaArSgt2gVn47k/photo-1605792657660-596af9009e82%20(1).jpeg
link
I personally am observing what happens with Bitcoin as well as Ethereum. No doubt that all eyes are on bitcoin at the moment, but who knows?
Perhaps ethereum will run with it after those ETFs get approved. Until then I will keep my ETH to myself and wish for its return to form.
All things considered, anything can occur in cryptoland and I am thrilled to discover where this adventure takes us!
So what do you think about Bitcoin and Ethereum?
Are you Team Bitcoin, Team Ethereum or both?
Let me know in your response! Keep talking; let us ride this cryptocurrency wave together!
Posted Using InLeo Alpha
Congratulations @wisewallet! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 700 upvotes.
Your next target is to reach 600 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts: