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Ethereum Outperforms Bitcoin: Will the King Be Replaced Soon?

In the last couple of days, the crypto market has been experiencing hook pull down. Today brought worse news, as Bitcoin plunged below $23,000, to trade around $22,000.

However, the lead altcoin, Ethereum, has reclaimed its $1,700 price area having an increase of 0.41% during the last 24hrs- seemingly leaving the king behind.

Meanwhile, macroeconomist, Alex Kruger, has disclosed some data that shows that its been a long time that Bitcoin has entered the macro asset list and therefore, crypto traders can simply use BTC to trade Ethereum. Bitcoins volatility has always influenced Ethereum and also other altcoins.

To prove his point, the analyst displays a chart that highlights Nasdaqs momentum against Ethereuma and Bitcoin. The chart proves that both ETH and BTC move parallely.

BTC is currently a macro asset, a liquidity proxy. ETH is high beta BTC (i.e. it moves in line w/ BTC, but more, in both directions). A terrific way to visualize that is plotting Nasdaq vs ETHBTC, you’ll notice how both of these have already been moving together. Macro > Equities > BTC > ETHBTC pic.twitter.com/SZYlwdxsXS

Alex Krger (@krugermacro) August 10, 2022

Ethereum Price Gains 60%

Further, Kruger compares Ethereum and Bitcoin, commenting that ETH is really a new version of BTC.

The economist believes that whenever there exists a bull run, people should turn their attention toward ETH that is a better bet when compared with Bitcoin and will be offering higher returns.

Its historically proven that high volatility brings with it major investor panic.

However, since mid-July, Ethereum has actually performed far better with a surge of 60% within the last couple of weeks. Comparatively, Bitcoin was seen consolidating with only a 25% price rise.

This bear market has been insightful and resulted in situations that werent previously anticipated like Ethereum beating out Bitcoin. Among the possible known reasons for this type of performance is Ethereums upcoming Merge scheduled for September 19, 2022.

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Delma Wilson

Delma is really a B2B Content Marketer, Consultant, Blogger in neuro-scientific Blockchain, and Cryptocurrency. In her free time, she wants to blog, play badminton watching out ted talks.She likes pets and shares her leisure time with NGO.

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