The largest cryptocurrency was experiencing quite an impressive price surge, after struggling in the past months to reach the $40,000 region. It not only touched the $40k price mark but also crossed the $45,000 region. Many analysts and enthusiasts expected it to touch the $50,000 mark.
However, there has been a slight price correction noted for the flagship digital asset.
Any ups and downs in the price of Bitcoin also have some kind of impact on the overall crypto market. This is why, many crypto enthusiasts are now wondering how Ethereum has reacted to this price correction experienced by Bitcoin. Let’s find out.
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Some Details to Know About BTC and ETH’s Price
Bitcoin and Ethereum have been in competition for as long as many can remember. Several crypto enthusiasts have even been waiting for a time when ETH will outperform the top crypto asset BTC. However, this is only speculation and has not occurred in real-time yet.
Even though Ethereum has not outshone Bitcoin yet, it is still affected by any price surge or plunge experienced by BTC. But what is interesting to see is that the same might not have happened this time.
Here is a graph by CoinGecko that shows the price of BTC over the past week.
Here is another graph by CoinGecko that also shows the price of ETH over the last seven days.
According to reports and data, Ethereum has surged around 67.6% whereas, Bitcoin has seen an increase of 46.3% over the last 30 days.
The country manager at Luno, Byron Goldberg, recently stated:
“Overall, the markets have seen a positive trend continue this week; altcoins are up while bitcoin has coasted flat,”
Goldberg is also of the opinion that Ethereum is performing slightly better than Bitcoin one week after another. The most likely reason for ETH’s price surge is Ethereum’s London Hard Fork.
Byron Goldberg further added that the futures premium on Bitcoin is at 2.8%, which is low compared to Ethereum which is at 7.36%. This could anticipate that ETH will rise higher than BTC over the next three months. If this occurs, it will also shift the interest of institutional investors and traders.
Should BTC Investors and Traders be Concerned?
Bitcoin is the oldest crypto asset in the market and since its creation, it has revolutionized the world to a remarkable extent. It is known to be a volatile digital asset, as are the rest of the cryptocurrencies. Despite the price volatility, it is still at the top.
According to many, Ethereum can be seen as a worthy competitor for Bitcoin. In many ways, ETH does offer plenty of utility and also upgrades with time. However, the answer to the long-awaited debate “will ETH outperform BTC?” is yet to be seen.
Even though analysts are monitoring the markets and keeping track of all the trends and patterns, anything can happen when it comes to the top two digital assets.
Therefore, if you are a BTC investor or trader you should not be concerned at the moment as nothing can be said with certainty.
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