Cryptocurrency
Ethereum is Up 100% Since Its Bottom in June, Massively Outperforming BTC
(CTN News) – Ethereum has outperformed bitcoin since mid-June as investors anticipate a major upgrade to its blockchain.
According to CoinDesk data, Bitcoin hit a low of $17,601 on June 19 and has rallied 31% since then.
Since June 19, Ether has surged 106% to $880.93.
A big upgrade in the Ethereum blockchain accounts for the huge performance difference between the two cryptocurrencies. Ethereum’s native cryptocurrency is Ether.
Ethereum’s upgrade, called the “merge,” will take place on Sept. 15 after numerous delays. Blockchain will switch from proof-of-work to proof-of-stake
Those in favor of the move say it will boost Ethereum’s speed and efficiency.
Ethereum Merge is the biggest narrative in crypto right now and explains why Ether has left Bitcoin in its wake in the past month, Antoni Trenchev, co-founder of Nexo.
Blockchains that pitch themselves as energy efficient will always capture the imagination of the masses, and that’s why Ether has the wind in its sails ahead of the Merge.”
Sustainable rally?
Due to a crash in the crypto market this year, bitcoin and ether are still over 60% off their all-time highs – reached in November.
Nearly $2 trillion of value has been wiped off the market since mid-November as a result of bankruptcy, liquidity issues, and failed projects.
Ethereum’s recent rally, which has seen its price double in two months, has been rapid.
Ethereum traded at $1,814 on Friday, so some resistance may exist around $2,000 or so.
“However … $2,000 has proved to be a major resistance for Ether and the asset needs more wind behind its sail to break that level.”
According to Joseph, bitcoin is unlikely to outperform ether in the near future.
ETH’s price rally is not without risks, according to Trenchev.
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