Ether Loses Ground To Bitcoin Amid Market Downturn But Crypto Entrepreneurs Are ‘Not Selling’ It.

As the cryptocurrency market experiences a slowdown, Ether ETH/USD is losing investor preference towards the most dominant digital currency, bitcoin BTC/USD.

According to a article According to Bloomberg, the value of Ether has fallen by around 18% since June, while the value of Bitcoin saw a decrease of almost half. This change has seen Bitcoin's share of the $1 trillion crypto market rise from 40% to 50.3%, while Ether's share has fallen to 17.8% from 18.4% at the beginning of anus.

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Concerns about Ethereum's growth and potential have contributed to this shift. Factors such as declining network activity and fees, increasing coin supply, and fears of centralization have undermined investor confidence. Recent geopolitical instability and potential interest rate increases have catalyzed a shift toward Bitcoin, known for its resilience in bear markets.

Bitcoin is up 66% this year, outpacing Ether's 32% growth. The Ethereum Foundation recently sold around $2.7 million worth of Ether and converted it to the USDC stablecoin, increasing pressure on Ether. Additionally, the launch of futures-based Ether exchange-traded funds in the US market last week did not attract significant volume.

However, cryptopreneurs like Justin Sun Let's remain confident in Ether's prospects. Despite moving some of his Ether holdings, Sun clarified that he was “not selling” and sees current market conditions as a good buying opportunity.

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