The cryptocurrency market took a hit earlier this month when almost all coins saw a dip in their price. While there appears to be some form of recovery, the coins are still nowhere near their previous ATH.
In particular, all eyes are on the two biggest players on the market, Bitcoin (BTC) and Ethereum (ETH). BTC is leading, however over the past few months it is becoming apparent that the 2nd runner up ETH and its supposed plethora of real world technological applications might prove more resilient in the future.
As the cryptocurrency market is slowly starting to mature and more stable investors coming onboard, it is envisioned that such wild fluctuations would lessen over time. And with new investors on the market, the big question is are they betting on Ethereum or Bitcoin?
Bitcoin dropped 37% in May while Ether just 11%. And as we start to see recovery right now, BTC is hovering at the $35,000 mark while ETH is already trying to find support at $2,500 which is not too far off its previous prices this year. BTC however still has a substantial way to go to get itself back to above the $55,000 range.
New investors that poured into the market in 2021 are feeling for the first time the shakes of holding cryptocurrency such as DOGE and SHIB; it is quite clear that ETH is becoming more favourable. Just this year alone we have seen ETH rise 900% beating out BTC’s 300% growth. With BTC marketshare shrinking, it would no doubt bring advantage to the second place holder as the natural next option.