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Ethereum shows promise while Bitcoin struggles

  • Bitcoin fell below $20,000 during the bear run. Ethereum fell to $900, which is the lowest level since 2021.
  • Although Bitcoin hasn’t even started to climb yet, Ethereum has already rallied 11% this week.
  • Experts predict that after the launch of Ethereum 2.0, it can surpass Bitcoin’s capitalization and become a world leader in this field.

Ethereum’s battle against Bitcoin

As we know, the bear market continues to this day. This is direct evidence that the cryptocurrency market is not yet ready for mass adoption. But apart from that, societal awareness regarding blockchain technology and cryptocurrencies continues to rise.

Recently, all cryptocurrencies crashed and started the bear market. This includes the famous currencies like Bitcoin and Ethereum, the two most powerful currencies in the world.

The above coins plunged over 40% over a couple of months.

Bitcoin fell below $20,000 during the bear run.

Ethereum fell to $900, which is the lowest level since 2021.

All of these coins fell short of the investor’s expectations. Even after that, Ethereum(ETC) is in a much better position than Bitcoin(BTC). Ethereum seems to be slowly adopting Bitcoin.

The Case of Bitcoin

Although Bitcoin hasn’t even started to climb yet, Ethereum has already rallied 11% this week.

According to sources, ETC fell to $800 on June 19 but gradually rose to around $990 later that same day. At the time of writing, Ether is currently trading at around $1079.81.

If we talk about bitcoin, even now it is still hovering around $19,000 after the drastic decline of the coin which reached its price at $18,000.

That could prove the debate: whether Ethereum will become the king of currencies may be true.

Why is Ethereum recovering?

The Ethereum crash has sparked fear among many shareholders. Despite this, Vitalik Buterin convinced everyone that there is no need to panic.

With the arrival of Ethereum 2.0, they will take back control by developing a more scalable, interactive and faster platform than all their counterparts, including Bitcoin.

The start of the Ethereum upgrade is getting closer. Vitalik claims that it will make crypto mining obsolete and will solve the energy problems related to cryptocurrencies.

Ethereum currently has a market cap of $360 billion, while Bitcoin has reached a market value of $804 billion.

Experts predict that after the launch of Ethereum 2.0, it can surpass Bitcoin’s capitalization and become a world leader in this field.

ALSO READ: Bitcoin Slips Plunges to $20,000: Probability of recession high

Andrew is a blockchain developer who developed his interest in cryptocurrencies while in college. He is a keen eye for detail and shares his passion for writing with his work as a developer. His backend knowledge of blockchain helps bring a unique perspective to his writing

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