Is Etherium leaving the nest?
Currently and since a few days, Etherium (even the classic one) is up, while Bitcoin and co are unprecedentedly down. The gap between the two movements is the widest in favor of the former since long time, and is definitely the most telling given the recent moves. Technical indicators are even showing that BTC could find support as low as 45K. Of course, this is bad news for an industry largely hanging on the reputation of the father of crypto, and one which was a few days ago celebrating the IPO of Coinbase. Amid this downward storm, ETH was breaking the highest mark in, what it looks like, a breakaway from the tradition following its parent.
The maturity of ETH as an independent entity was long in the making, in reality rather than on the charts. Etherium is the basis of the infrastructure of most other coins, the home of many decentralized blockchain apps, and the underlying technology fuelling the recent NFT bubble. It has the other benefit of not being in the attacking zone as BTC, being considered at times as the black horse, even if it is actually the second in the race from the beginning. This aura of being "alternative" rises from the extreme popularity of BTC, the latter of which is becoming extremely volatile due to its extreme success.
Nothing keeps going up indefinitely as corrections will always happen. If the BTC graph was that of a srtock, we would consider it an extreme success, but since almost everyone has unrealistic expectations of it, a slight correction is considered a disaster. Keeping this in mind, I would be careful investing too much in BTC because it is overloaded, targeted, and, arguably unlike Etherium, unsupported by a utility ecosystem. My long term view is that as confidence in BTC starts to fade due to its volatility, Etherium would start to emerge more as an adult rather than an adolescent. That is until they meet somewhere in the middle.
In short, I expect the gap between BTC and ETH to diminish on the long term.
The maturity of ETH as an independent entity was long in the making, in reality rather than on the charts. Etherium is the basis of the infrastructure of most other coins, the home of many decentralized blockchain apps, and the underlying technology fuelling the recent NFT bubble. It has the other benefit of not being in the attacking zone as BTC, being considered at times as the black horse, even if it is actually the second in the race from the beginning. This aura of being "alternative" rises from the extreme popularity of BTC, the latter of which is becoming extremely volatile due to its extreme success.
Nothing keeps going up indefinitely as corrections will always happen. If the BTC graph was that of a srtock, we would consider it an extreme success, but since almost everyone has unrealistic expectations of it, a slight correction is considered a disaster. Keeping this in mind, I would be careful investing too much in BTC because it is overloaded, targeted, and, arguably unlike Etherium, unsupported by a utility ecosystem. My long term view is that as confidence in BTC starts to fade due to its volatility, Etherium would start to emerge more as an adult rather than an adolescent. That is until they meet somewhere in the middle.
In short, I expect the gap between BTC and ETH to diminish on the long term.
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