Ethereum breaks support, drops to yearly low versus Bitcoin |

Ethereum breaks support, drops to yearly low versus Bitcoin |

With Ethereum’s value dropping to a yearly low against Bitcoin, there is speculation that the cryptocurrency may be in for another hard drop. However, this isn’t just about price movements and what will happen with Ethereum’s own blockchain technology – it underlines how important these two coins are in their role as crypto catalysts

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In a recent Reddit post, Ethereum has announced that it will be dropping support for the platform. This announcement has caused bitcoin to jump in value and Ethereum to drop significantly. The “bitcoin vs ethereum growth chart” is an infographic that shows how these two coins have grown over time.

Ethereum breaks support, drops to yearly low versus Bitcoin |

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On the ETH/BTC chart, Ethereum has broken through a support level that has held since November 2021. Since its high in December, Ethereum, the world’s second-largest cryptocurrency by market capitalization, has lost more than 20% of its value versus Bitcoin.

Ethereum breaks support, drops to yearly low versus Bitcoin |TradingView is the source of this information.

The Merger’s Fear

Ethereum has dropped to its lowest level this year in comparison to Bitcoin ahead of The Merge, which is scheduled for August. After breaching support at 0.065, Ethereum has plunged to only 0.06 BTC per coin, as seen in the chart above.

While it has already recovered 4% from its intraday low, the drop might reflect concern about the chain’s future when it switches to proof of stake. As numerous investors have seen, Ethereum network membership is declining, with many critical KPIs displaying negative indications.

“Active wallets are static, NFT excitement is gone, and LP trade volumes are falling.” Liquidity is decreasing in stables, and L2 cannibalism is increasing.”

“Will Eth surpass newer L1s that survive winter?” Soundwise’s TaschaLabs speculated. “Probably not.” Edge users may check statistics in our assets area to confirm the reduction in Ethereum usage, which includes a negative indication in the futures markets.

The unpredictability of global market circumstances, as well as the approaching merger, has spooked some investors. Only 53% of Ethereum investors are profiting at the current price, with over 60% of investors holding for more than 18 months. The drop in successful transactions emphasizes the severity of the crypto markets’ general slump.

CoinMamba, a well-known dealer, on the other hand, said that

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“Metrics shift with the seasons. They were also decreasing in 2018-2019 before a larger increase. Forecasting based on today’s figures isn’t the best method to value cryptocurrencies.”

Edge users may also notice that favorable sentiment about Ethereum on social media peaked on Thursday.

Ethereum breaks support, drops to yearly low versus Bitcoin |Edge is the source of this information.

Competitors in Layer 1 are gaining market share.

Investors with short to medium-term time horizons need to have access to many sources of information and value measurements amid turbulent market situations. However, Ethereum’s present mood does not correspond to its price movement.

Ethereum’s market share has dropped to its lowest level since March, while Bitcoin’s market share has increased by 10% since May. Binance Coin’s dominance increased by 20% in May, adding to the controversy about Ethereum’s status as the most significant challenger to Bitcoin. In a comparable span, Binance Coin has gained 15% versus Bitcoin.

The Merge has a lot of people worried. The update to the blockchain is likely the most important shift in crypto history, and it has been expected for years. The shift will be Ethereum’s largest test yet, and all eyes will be on layer-1’s reaction once the mainnet goes online.

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The “why and how crypto will rule metaverse” is a question that has been asked for quite some time now. Ethereum, the second largest cryptocurrency on the market, broke support from its native currency Bitcoin and dropped to yearly low versus Bitcoin.

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