The US President Elections are right around the corner i.e. taking place just five weeks later. In these times, it has been noticed in the cryptocurrency market that a large number of crypto investors have made a shift to Bitcoin from Ethereum’s currency and its network system. The entire crypto market stats show that since mid-September, most of the cryptocurrency investors who were holding Ethereum (ETH) with various cryptocurrency exchange firms have been reported to withdraw their funds. Later on, they have used the withdrawn amounts for investing in Bitcoin.
However, the past six months’ price-performance remained much below its average for both Ethereum and Bitcoin. Yet for the past 60 days, Bitcoin was traded at an average of US$ 10,000, which is considered, by most of the crypto enthusiasts as a remarkable recovery. You must not forget the circumstances where most of the trading activities were entirely at a standstill due to the ongoing Covid-19 pandemic crisis. Bitcoin was also able to break its earlier record of 2017 by continued to be traded for over US$10,000 for over 60 consecutive days.
Apparently, the peak months of the pandemic also helped it to receive heavy investments in the form of decentralized finance (DeFi). A large number of decentralized crypto exchange firms subsequently brought in millions of dollars worth DeFi within the Ethereumblockchain.
The experts are of the opinion that the evident shift of people from Ethereum to Bitcoin once again brought the leadership back in the hands of Bitcoin. Otherwise, there was a genuine apprehension that the Ethereumblockchain was dominating the crypto market. And for some, which includes also Mr. Emmanuel Goh, who is the Chief Executive Officer of Skew, it overtook the crown from Bitcoin.
Since the peak months of Covid-19, Bitcoin has emerged successfully as one of the most mature and vital assets within the financial industry. It faced the odds remarkably and it did not just survive the crisis but also made remarkable progress within the crypto industry.
Currently, Bitcoin is being traded nearing US$ 11,000/-. On the other hand, Ethereum 2.0 is going to be launched in the mid of October this year that might work as a game-changer for Ethereum.