- Bitcoin went down below 20,000$ during the bear run. Ethereum dragged down to 900 USD, which is its lowest since 2021.
- Although Bitcoin hasn’t even started to rise, Ethereum has already recovered 11% this week.
- Experts predict that after the launch of Ethereum 2.0, it can surpass bitcoin’s capitalization and become the world leader in the field.
Ethereum Vs Bitcoin’s Battle
As we know, the bear market continues to stay till today. This is direct proof of the fact that the cryptocurrency market is still not ready for mass adoption. But besides that, the social awareness regarding blockchain technology and cryptocurrencies continue to rise.
Recently, all of the cryptocurrencies crashed starting the bear market. These include the famous currencies such as Bitcoin and Ethereum, the two most powerful currencies in the world.
The above-mentioned coins plunged over 40%` over a couple of months.
Bitcoin went down below 20,000$ during the bear run.
Ethereum dragged down to 900 USD, which is its lowest since 2021.
All of these coins fell below the investor’s expectations. Even after that, Ethereum(ETC) is in a far better position than Bitcoin(BTC). Ethereum is slowly seeming to undertake bitcoin.
The Fall Of Bitcoin
Although Bitcoin hasn’t even started to rise, Ethereum has already recovered 11% this week.
According to sources, ETC dropped to US$800 on June 19, but gradually it rose to around US$990, later the same day. Currently, at the time of writing this article, Ether is trading at around US$1079.81.
If we talk about bitcoin, after the drastic fall of the coin which made its price at 18,000 USD is still hovering around 19000 USD even now.
This might prove the debate: Whether Ethereum will become the king of currencies, might be true.
Why Is Ethereum Recovering?
Ethereum’s crash instilled fear in a lot of shareholders. But even so, Vitalik Buterin has convinced everyone that there is no need to panic.
With the launch of Ethereum 2.0, they are going to regain control by developing a more scalable, interactive, and faster platform than all of the other counterparts, including Bitcoin.
The Ethereum upgrade’s launch is coming near. Vitalik claims that it will make crypto mining obsolete., solving the energy issues regarding cryptocurrencies.
Ethereum currently possesses a market cap of US$360 billion, whereas, Bitcoin has acquired a market value of US$804 billion.
Experts predict that after the launch of Ethereum 2.0, it can surpass bitcoin’s capitalization and become the world leader in the field.
ALSO READ: Bitcoin Slips plunges to $20K: chances of recession are high
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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