Ethereum surpasses bitcoin in terms of growth dynamics

The flagship cryptocurrency and the main altcoin suffered significant losses in November: BTC dropped to $ 15,480 and ETH to $ 1,074. However, according to CryptoCompare, in the second half of this year, ethereum still outpaced bitcoin in terms of market growth. Over the past six months, ETH $3,382.65 Bridged Ether (StarkGate) 7.73% Market capitalization $0.29 billion VOL. 24 hours $3.18 billion has recorded a 22.4% gain, while BTC $98,789.98 Bitcoin 1.36% Market capitalization $1.95 trillion VOL. 24 hours $6.08 billion has lost 10.8%.

After the FTX crash, investors and crypto companies suffered multibillion-dollar losses, and the yield gap between bitcoin and ethereum became the largest in 2022. Digital asset holders initiated a massive wave of sales in the market, which is why BTC lost about 16.3% of its value in November. This was the worst monthly performance since June 2022.

Experts also emphasized that last month there was a record outflow of bitcoins from centralized platforms. Investors began to lose confidence in exchanges, withdrawing their digital assets for cold storage.

As for the main altcoin, Bloomberg Intelligence senior strategist Mike McGlone called Ethereum the most promising token. According to the analyst, Ethereum developers have secured a positive future for the token thanks to the historic transition from proof-of-work (PoW) to proof-of-stake (PoS). The Merge will reduce the negative impact of mining on the environment, reduce the rate of ETH issuance, thereby increasing its value, the expert believes. McGlone is convinced that the last stage of the bear market has already arrived, and ethereum is ready to outperform other digital assets.

McGlone predicted a drop in the flagship cryptocurrency in the short term. BTC may still drop to $ 10,000 to $ 12,000, but after that, the Bloomberg strategist believes bitcoin will resume its upward trajectory.