Ethereum struggles as Bitcoin soars

4 days ago 8

31st October 2024 – (New York) This week, Bitcoin (BTC) is celebrating an impressive 8.5% surge against the U.S. dollar, bringing it dangerously close to its all-time high of $73,794. In sharp contrast, Ethereum (ETH), the second-largest digital currency, remains relatively subdued, reflecting a growing disparity between the two leading cryptocurrencies.

On Tuesday, BTC approached $73,600 per coin, marking a notable resurgence in its market dominance, which now stands at 58.6% of the total $2.43 trillion cryptocurrency market cap. Meanwhile, ETH has only managed a modest 5% increase over the past week, dropping to a market share of 13.4%.

The current year has proven to be tumultuous for Ethereum, as it has depreciated more than 30% against Bitcoin in 2024 alone. Over the past year, ETH has seen a decline of more than 28% compared to BTC. Additionally, ETH’s value has faltered against gold, which now trades above Ethereum’s current price of $2,698, significantly distancing itself from the record of $4,878 reached on November 10, 2021.

While Bitcoin inches closer to reclaiming its former glory, Ethereum has a considerable journey ahead, needing a more than 45% increase to reach its previous peak. This struggle is compounded by the emergence of various layer-one (L1) and layer-two (L2) blockchain solutions that are intensifying competition within the crypto space.

As Bitcoin continues its upward trajectory, the divergence between these two digital assets becomes increasingly pronounced. Investors are keenly observing whether Ethereum can reclaim its stature or if Bitcoin’s lead will solidify further, shaping the future landscape of the cryptocurrency market.

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