Ethereum has in recent months not just good news. It is the first cryptocurrency compared to other coins increased much less this year. There is also a certain decoupling from Bitcoin.
#BTCand a rolling correlation with #ETH has weakened from 96% to 77% since mid-March – the lowest level since November 2021. ETH has lost momentum since the Shapella upgrade, falling almost 14% and BTC is down about 11%. pic.twitter.com/0wgNxqNjwj
— Kaiko (@KaikoData) May 15, 2023
Although there is one general independence is basically not a disadvantagebut Ethereum does not benefit as much from rising Bitcoin prices as before.
NFTs are moving from Ethereum to the Bitcoin blockchain because of Bitcoin Ordinals
At the new command protocol with Bitcoin and the associated hype for Bitcoin NFTs, NFTs are known to be moving from Ethereum to the Bitcoin blockchain. Of course this is not good news for Ethereum.
The founders of Ethereum also see big challenges for Ethereum
However, the Ordinals protocol is not the only disadvantage of Ethereum compared to Bitcoin, but the weakness in the general market of the second largest cryptocurrency.
A few days ago, Ethereum co-founder Vitalik Buterin warned that Ethereum could lose many investors in the future and that there was even a risk that the Ethereum project could fail completely.
With the latest upgrades, such as the Shapella upgrade, Ethereum has entered troubled waters, from which the crypto project must first free itself.
Other promising cryptocurrencies benefit, and of course Bitcoin as well.
Since the last update of Ethereum, the amount of Ether with a A rate of approximately 0.502% per annum fell. That’s almost double that burn rate for the last 30 days and much more Post-merger rate 0.134% per annum.
Low on coins stored in wallets and registering ether as security?
Another problem with Bitcoin and Ethereum is the coins stored on the various crypto exchanges. Currently, the stored coins have reached a 5-year low.
Currently, investors see many reasons not to trust crypto exchanges and Coins like Ethereum and Bitcoin better to act decentralized and to keep yourself.
The SEC is suing Binance and its CEO Changpeng Zhao for breaking US securities rules https://t.co/U7Rz5KJ3XF
— Bloomberg (@business) June 5, 2023
However, that is Withdrawal of coins from the central exchanges, often a good sign. When investors withdraw coins from the major exchanges, it often means rising prices. This means there is currently no selling pressure and prices may still rise.
Another danger with ether is its registration as a security. The SEC is currently suing Binance and Coinbase, with Binance in particular for bare survival.
As part of the negotiations, the SEC is registering more and more cryptocurrencies as securities. Of course, this makes these cryptocurrencies much more difficult to trade, which can be a major disadvantage compared to “free” cryptocurrencies.
It is not yet clear how the CSS ranks Ethereum. For all appearances, Bitcoin is not affected. Meanwhile, the list of security cryptocurrencies continues to grow.
Today we cut Binance Holdings Ltd. (Binance); US-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and its founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5ir pic.twitter.com/IWTb7Et86H
— US Securities and Exchange Commission (@SECGov) June 5, 2023
Crypto presales and new cryptocurrencies can take advantage of Ethereum’s weakness
This often shows that crypto presales have an advantage in such an environment. There are several candidates for new coins whose price may explode during 2023. A notable example of this is the new Chimpzee meme coin.
Currently, the SEC seems to want to classify almost all cryptocurrencies as securities. The only exceptions at the moment seem to be Bitcoin and the various meme coins, such as Chimpzee.
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✅ https://t.co/7vVuuZipKW pic.twitter.com/nKrNP9NHbr— Official Project Chimpzee (@RealChimpzee) June 25, 2023
The pre-sale of the new meme coin is going very well. Ultimately, this is also because the project is published not only as a traditional meme coin, but also to promote environmental protection.
As part of the presale of the meme coin, the price continues to rise, so interested buyers should get it as quickly as possible before the presale reaches the next stage.
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✅ https://t.co/hJM5HDrep9 pic.twitter.com/I5dwv8JDVx— Official Project Chimpzee (@RealChimpzee) June 25, 2023
A number of goals have already been achieved as part of the project, including the planting of several trees. In addition, 10% of the proceeds from the pre-sale go to environmental protection organizations.
Chimpzee offers a wide range of features such as the Chimpzee Shop, the NFT Marketplace and the Zero Tolerance Game. In the future, more applications are planned from the areas of shop to earn, trade to earn and play to earn.
These areas allow platform users to earn rewards while actively contributing to the project’s goals and acting to protect our environment.
Cryptocurrency with potential 2023
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Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.
