Ethereum has shown great recovery in comparison to Bitcoin as Ethereum is nearing its previous all-time-highs with a gap of less than 5% whereas Bitcoin is Struggling to recover with around 20% gap to all time highs.
However, other than bitcoin and ethereum, other altcoins such as BNB, BCH, ADA has been following the typical Bitcoin Move.
3 Main Reasons Why Ethereum Is More bullish than Bitcoin. (Probably will Outperform Bitcoin)
- Recent Developments – Recent Upgrades And developments such as EIP-1559 upgrade, Just a few days ago a total of 1,000,000 Ethereum has been burned which is worth $4.2 Billion. 12,649 ethereum was burned in a day worth $15.6 million. As supply is getting burned continuously, leading price to grow.
- Bitcoin is too Expensive? – A recent study shows that Retail Newcomers to crypto are considering buying ethereum instead of Bitcoin as Bitcoin price is comparatively Very high and ethereum is cheaper, nothing but psychology as the price does not matter as far as it grows more.
- Low Liquid Supply on Exchanges- According to Glassnode, exchange balances for ETH have recently hit as low as just 14,246,767 ETH… The supply of $ETH on exchanges is reaching levels near three year lows, since late 2020
While Ethereum Charts looks bullish and awaiting breakout from long consolidation period. Bitcoin decides where the market moves for all other altcoins, but this time is different for ethereum.
Let us know in the comments below your thoughts on Ethereum and share this article with your crypto buddies.
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