- Crypto expert thinks ETH is still outperforming BTC despite recent declines.
- BTC is currently trading at $18,689, down 6%.
- ETH is currently trading at $1508, down 8%.
Scott Melker, a cryptocurrency analyst, recently took to Twitter to convey his observation that he has seen a number of Bitcoiners celebrating Ether’s recent price falls.
I see a lot of Bitcoiners celebrating the drop of Ethereum price.
Ok, fine, have at it.
But ETH is still trading 50% above it’s lows, while Bitcoin is less than $1,000 above the June price, a few percent.
ETH is wildly outperforming still.
— The Wolf Of All Streets (@scottmelker) September 19, 2022
However, Ethereum is still trading at a price that is 50% higher than its 3-month lows, but Bitcoin is only $1,000 higher than how much it was worth in June and only a few percent higher. According to Melker, ETH is still grossly outperforming the leading cryptocurrency in the world.
Bitcoin extended its negative price action over the weekend, with the leading cryptocurrency plummeting to a new 3-month low. At the time of writing, BTC is valued at $18,689. Bitcoin’s price has decreased by 5.99% over the previous 24 hours, despite a 59.76% surge in daily trading volume.
On the other hand, Ethereum, the second biggest cryptocurrency as measured by market capitalization only recently experienced a long-awaited and presumably bullish technical development dubbed the Merge. At the time of writing, ETH has dropped to below $1,308, representing a massive fall of 9% over the course of the previous twenty-four hours.
According to Cryptoslam, the trading volumes of NFTs on Ethereum have likewise decreased by more than 13.98% during the course of the last 24 hours. Trading volumes for Ethereum-based NFTs have decreased by roughly 30 percent on a monthly basis.
At this point in time, it is probable that Ethereum and other cryptocurrencies will continue to be susceptible to the same macroeconomic dynamics that have been impacting equities and other riskier assets over the last several months.
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