💰Bitcoin Gains Market Share Above 50% as Ethereum and Altcoins Disappoint💰
Bitcoin’s superior performance compared to alternative cryptocurrencies has strengthened its historical reputation as a safe haven asset, or at the very least, a valuable diversification option for traditional market investments. This perspective was shared by Caroline Mauron, co-founder of the digital-asset derivatives liquidity provider, OrBit Markets.
In total, Bitcoin has seen a 66% increase in value this year, whereas Ether has experienced a 32% rise. The contrast becomes even more pronounced when examining data from September 15, 2022, following Ethereum’s network upgrade known as the Merge, which had kept investors in suspense for several months. In its report, Kaiko noted:
“In fact, Ether has been massively underperforming the broad market since the Merge, with both the ETH/BTC price and volume ratio trending downwards over the past year. Ether’s underperformance is likely due to the ongoing impact of the bear market, which historically has seen traders turn to Bitcoin.”
At press time, Bitcoin (BTC) is trading 1.10% down at a price of $27,599 with a market cap of $538 billion. On the 2-hour chart, the Bitcoin price has given a breakdown from the symmetrical triangle chart pattern. For now, the next support level for Bitcoin
