Ethereum falls against Bitcoin which now dominates the crypto market. With a market share of 57%, Bitcoin appears to be consolidating its dominant position, while Ethereum, at 13.5%, is struggling to maintain its place. Is a new era of Bitcoin dominance underway?
Bitcoin crushes Ethereum and dominates the crypto market!
According to the latest data, Ethereum has reached a multi-year low against Bitcoin, erasing all gains made since 2021. This significant decline highlights the growing strength of Bitcoin, which continues to consolidate its dominant position. In October 2024, BTC's market share jumped to 57%, its highest level since March 2021. In contrast, Ethereum's market share fell to 13.5%, its lowest level since before the Ethereum merger in September 2022.
This situation raises questions about the long-term viability of Ethereum. While Bitcoin continues to enjoy investor trust and institutional recognition, Ethereum appears to be struggling to maintain its position. The reasons for this fall are multiple: scalability problems, high transaction fees which Vitalik Buterin plans to divide by four, and increased competition from new, more efficient blockchains.
Has Ethereum become obsolete?
It would be premature to declare Ethereum dead. The Ethereum blockchain remains the platform of choice for many decentralized applications (dApps) and smart contracts. Additionally, the transition to Ethereum 2.0, with its move to Proof of Stake, aims to address some of the scalability and cost issues. This update could potentially bring momentum back to Ethereum and strengthen its position in the market.
In conclusion, although Bitcoin currently appears to be crushing Ethereum, it is important to consider future developments. Bitcoin’s dominance is undeniable, but Ethereum still has strengths and ongoing projects like “The Verge” that could change the game. The question remains open: will Bitcoin remain the undisputed king of cryptos, or will Ethereum manage to recover and regain its former glory?
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
