Bitcoin dominance rises as Ethereum and other altcoins underperform

Bitcoin dominance rises as Ethereum and other altcoins underperform

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Answer Bitcoin dominance rises as Ethereum and other altcoins underperform

Ethereum, the second largest cryptocurrency, has fallen more than 12% over the past 7 days.

Ethereum has largely underperformed Bitcoin.

The ETH/BTC trading pair is down 7.85% in just one day.

The value of Ethereum fell to just 0.059 bitcoin, the lowest since October 20.

Ethereum is down more than 22% against its main competitor since the beginning of the year due to risk sentiment taking center stage.

While altcoins tend to significantly outperform bitcoin during bull markets, they usually experience sharper corrections during bear markets as investors tend to flock to safer and more established assets.

Bitcoin dominance is now up nearly 46%, booming from the massive drop in Ethereum.

Read:Huobi Report: Is Bitcoin and Cryptocurrency Network Technology Really Evolving?

According to trader Scott Melker, the Ethereum/Bitcoin trading chart indicates that altcoins are likely to continue to underperform.

However, Bitcoin is far from a safe haven in such an environment.

As the largest cryptocurrency is down 57.90% since the beginning of the year.

The poor performance of the Ethereum price was partly caused by a deep reorganization affecting seven blocks in the Ethereum “Beacon” blockchain that was preparing to merge and switch from a Proof of Work mechanism to a stake early in August, according to Ethereum co-founder Vitalik Buterin.

Read:Bitcoin or Gold…Which is better to store right now?

The looming Bitcoin monthly options expiration, scheduled to occur on Friday, is a mainly bearish catalyst.

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Ethereum fees are at their lowest level since last summer

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