Bitcoin v/s Ethereum: Is the King losing its mojo?
- Bitcoin has been a laggard compared to Ethereum.
- The rallies are smaller for BTC and bigger for ETH.
In an epic battle for thrones, although still early days, but seems BTC bulls have been losing the battle to the Ethereum's as the rally so far that started in early April, shows ETH has far outpaced BTC in the gains and if this continues, it won't be long before ETH reaches all time highs much before BTC does.
BTC/USD, has gained about 42 percent from April lows which, though looks impressive but pales in comparison to ETH/USD's 114 percent gain. Even in terms of retracement levels, while BTC has barely managed to surpass its first barrier of 28.6 percent, ETH is sitting comfortably above 38.2 percent mark.
BTC, for the day now is down nearly 2 percent at $9,650 while ETH is down nearly 4 percent at $786. On the hourly chart, BTC now sits exactly at the ascending trendline's support of $9,626 while ETH flirting with long term trendline support of $791.
This brings back the theory which did rounds earlier this year - Can Ethereum become the largest cryptocurrency by market capitalisation by displacing Bitcoin? I guess we may not have to wait long to know the answer, if the volatility in the crypto world remains the way it has always been. (Read earlier related story here)
BTC v/s ETH - April to date performance:
BTC/USD hourly chart:
ETH/USD daily chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
