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(as of 4:15 AM UTC, May 31, 2023)
Bitcoin (BTC) has experienced an unpredictable journey in 2023. After a grim start to the year with predictions falling as low as $10-12K for Q1, the cryptocurrency has demonstrated its characteristic volatility in recent weeks. The rollercoaster-like journey its price has taken has been driven by various global factors, from political events to regulatory shifts. Yet, as Bitcoin continues to assert dominance, the underlying currents suggest a declining relative significance.
On the other hand, Ethereum (ETH) is gradually transforming from the underdog to a potential market driver. Despite the general market trend, Ethereum has exhibited stability and progressive growth. The driving force behind its steady rise is Ethereum’s transition from a Proof of Work (PoW) protocol to a Proof of Stake (PoS) system. This shift has triggered a deflationary stage for ETH, with a negative supply growth rate and over 200K ETH burnt in the past month. Ethereum’s evolving position as an attractive investment option and an upcoming market influencer is a trend that is difficult to ignore.
In the grand scheme, the dynamics of the crypto market are shifting. The diverging supply-demand economics between BTC and ETH points to a significant shift in the market’s landscape. The weakening correlation between these two digital assets, paired with the liquidity crunch, paints a picture of an evolving market in need of better liquidity options. As Ethereum continues to assert itself, investors and market watchers are keen to see how this cryptocurrency might lead the next chapter in the evolution of the digital currency market.
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