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ETH Outperforms BTC Despite Recent Price Declines

Explore why Ethereum continues to outshine Bitcoin despite recent market downturns.
Published on 2022-09-19

ETH Outperforms BTC Despite Recent Price Declines

Despite recent price drops, Ethereum (ETH) continues to outperform Bitcoin (BTC), according to cryptocurrency analyst Scott Melker. While BTC has fallen to $18,689, a 6% decline, ETH is trading at $1,508, down 8%. Melker highlights that ETH remains 50% above its recent lows, whereas BTC is only marginally above its June price.

Bitcoin's Recent Struggles

Bitcoin extended its decline over the weekend, reaching a new 3-month low. Its price has dropped nearly 6% in the last 24 hours, despite a significant surge in trading volume. This downward trend suggests continued volatility in the leading cryptocurrency.

Ethereum's Resilience Post-Merge

Ethereum, despite its 9% drop in the past 24 hours, has shown resilience following the Merge. This major technical upgrade has positioned ETH for long-term growth. However, trading volumes for Ethereum-based NFTs have declined by nearly 14% in the last day and 30% month-over-month.

Macroeconomic Factors at Play

Both Ethereum and Bitcoin remain vulnerable to broader macroeconomic conditions impacting riskier assets. Investors should remain cautious, as these dynamics continue to influence cryptocurrency markets.

Key Takeaway

While both cryptocurrencies face challenges, Ethereum's performance relative to Bitcoin underscores its strength in the current market. Investors should conduct thorough research before making any decisions.

Disclaimer: The views expressed are for informational purposes only and should not be considered as investment advice. Always do your own research.

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