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Even after falling nearly 72% from its all-time high of $69,044, Bitcoin is still ahead of its closest rival Ethereum.
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Bitcoin: Top topic in social media
Currently (as of this writing), data from Coingecko shows: Bitcoin is trading at $19,495, Ethereum is changing hands at $1,330. Both assets are down over the past 24 hours, with BTC down 0.5% and ETH down 0.7%.
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As for Ethereum, as painful as it sounds, it’s okay to be number two and behind Bitcoin in that way. But we worry about falling another step behind in terms of the crypto community’s interest – even after a major network upgrade. After all, the king of all altcoins now lives in the post-merger era.
Bitcoin outperforms Ethereum in social citations
A higher number in social mentions and coin pledges means that it is attracting more interest. After Ethereum caused a roar after the successful transition from proof of work to proof of proof algorithm with The Merge, better performance on social networks should be expected.
But this was not so. Bitcoin has even outperformed its top rival.
According to a report from crypto social intelligence platform LunarCrush, BTC is outperforming ETH in both citations and staking.
Bitcoin has 9.11 million mentions on social media, while Ethereum has only received 8.46 million mentions. In terms of social participation, the first cryptocurrency has a significant chunk ahead of its rival at 36.93 billion at 24.07 billion.
Reasons Bitcoin has gone up and Ethereum has gone down
Ethereum is in a difficult situation right now. Perhaps that’s why the crypto community’s interest in the main altcoin has waned — and significantly so.
The digital asset is at risk of being classified as a security. It therefore involves regulatory uncertainty.
It could have the same trust as Ripple Lab’s XRP. The token is an ongoing legal matter at the US Securities and Exchange Commission.
Additionally, Ethereum is still struggling to lose nearly 20% of its total market cap, which currently stands at $160.8 billion.
Meanwhile, as October begins, Bitcoin is creating excitement among crypto investors. October is a proven month for Bitcoin. In October 2021, BTC traded above $60,000 for most days.
In addition, the cryptocurrency’s mining performance recently reached a new all-time high. This suggests that, despite the price drop, miners are still optimistic about the future.
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Text credit: Bitcoinist
Last updated on October 9, 2022
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