Over the past few days, the crypto market has been experiencing a slight pull down. Today brought worse news, as Bitcoin plunged below $23,000, to trade around $22,000.
On the other hand, the lead altcoin, Ethereum, has reclaimed its $1,700 price area with an increase of 0.41% over the last 24hrs- seemingly leaving the “king” behind.
Meanwhile, macroeconomist, Alex Kruger, has disclosed some data that suggests that it’s been quite a while that Bitcoin has entered the macro asset list and hence, crypto traders can easily use BTC to trade Ethereum. Bitcoin’s volatility has always influenced Ethereum along with other altcoins.
To prove his point, the analyst displays a chart that highlights Nasdaq’s momentum against Ethereuma and Bitcoin. The chart proves that both ETH and BTC move parallely.
Ethereum Price Gains 60%
Further, Kruger compares Ethereum and Bitcoin, commenting that ETH is a new version of BTC.
The economist believes that whenever there is a bull run, people should turn their attention toward ETH which is a better bet as compared to Bitcoin and offers higher returns.
It’s historically proven that high volatility brings with it major investor panic.
However, since mid-July, Ethereum has actually performed much better with a surge of 60% in the last few weeks. Comparatively, Bitcoin was seen consolidating with just a 25% price rise.
This bear market has been insightful and led to situations that weren’t previously anticipated like Ethereum beating out Bitcoin. One of the possible reasons for such a performance is Ethereum’s upcoming Merge scheduled for September 19, 2022.