When a week has passed in July inside the crypto market, cryptomoney users start to wonder which currencies are more worth investing their capital in. And in this respect, there are two strong candidates: the world’s first cryptomoney, Bitcoin, and its closest competitor, Ethereum. So today we will look at who started out stronger July, Ethereum or Bitcoin.
What’s behind Ethereum?
Of course, although the figures are important to understand where the crypto market is and where it is headed. The price of crypto currencies is but an expression of other trends, which define the direction in which an asset’s price will go, whether up or down.
In the case of Ethereum, Vitalik Buterin’s cryptomoney begins in July driven by the upcoming release of its new version, ETH 2.0. This is expected to substantially increase ETH’s capabilities, increasing the speed of transaction processing, and improving the security of the block chain.
This has generated great expectations within the crypto world. These are combined with statements like those of Vitalik Buterin, announcing that the Ethereum Blockchain will have the capacity to process 100,000 transactions per second. Or data from DappRadar, showing that 82% of all transactions related to decentralized applications go through Ethereum.
All these data show the strength of the second largest cryptomone currency in the world. Attracting more and more investors from the crypto market, who see in Ethereum a safe asset in which to put their capital. Even facing the challenge launched by its closest competitor, Tron, which is about to launch a new version to compete with ETH 2.0.
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Bitcoin after Halving
For its part, the cryptomoney created by Satoshi Nakamoto is also experiencing a crucial moment in its development. Well, the stagnation in the price of Bitcoin after having lived the third Halving inside his Blockchain, has put the whole crypto world on alert. It is expecting the side market to break at any moment, with BTC recovering a bullish or bearish path.
These expectations are further fueled by the belief spread among members of the crypto community that Bitcoin is about to experience a major bullish rally. To ensure this, we rely on the experience of the cryptomonics after the last Halving in its Blockchain.
Thus, by observing the development in the price of BTC since its birth, you can see that the decrease in the rate of expansion of Bitcoin’s offering has always driven the price of virtual currency. Arriving during the last big rally after a Halving, it reached a peak in its price around $20,000 per BTC.
So, when the market has been stagnant for weeks around $10,000 per BTC (unlike the rising Ethereum market). For most analysts of the crypto world, it should not be long before this trend is broken. And Bitcoin will regain its upward momentum, or at least start to get more fluctuation in its price.