While the main topic of conversation during the last two days was Bitcoin and its small victory, the community seemed to forget Ethereum. BTC made a 6% leap to $17.9K and even peaked over the $18K level for a short while. The token managed to hold on to the newly acquired $17.7K support level and shows resilience amidst the uncertainty in the market.
Bitcoin usually props other tokens, and many cryptocurrencies depend on how BTC holders react to any news stories. Ethereum is not an exclusion from this rule.
What was happening to ETH this week
ETH turned out to be the biggest winner of the week among major tokens, with an impressive 9.3% week-to-week growth. Despite a significant dip the last Wednesday, the token managed to recover and demonstrated that it is doing just fine. When BTC was enjoying its 6% bump, ETH was outpacing it and climbing up by 7.3%, creating a lot of positive buzz among Ethereum enthusiasts.
The biggest network in the industry is in a peculiar, vulnerable state right now. The limp response of the crypto world to the merge and the following series of disastrous events in the industry put additional pressure on the development team and community members. ETH has been losing value just like many other tokens infusing retail traders with anxiety and doubt.
You don’t have to worry. Ethereum is not going anywhere, and it is still a very strong market player. It is arguably doing better than Bitcoin, with better recoveries and less significant bearish movements. Ethereum is the foundation for many popular DeFi platforms and products that crypto companies deploy.
Still connected
Bitcoin and Ethereum are two interconnected networks. While they are separate technological platforms, they together represent the strength of the industry. It means that they have similar price charts, but Ethereum is performing slightly better amidst the crypto winter and the atmosphere of uncertainty.
Many experts strongly believe that the future of ETH is still much more promising than that of Bitcoin, but the industry must survive for long enough to see the promised “flippening”.
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