In the case of market adjustments, some industry experts believe that Ethereum will lose more than the Bitcoin market.
If the market is adjusted again, Ethereum will have greater selling pressure than Bitcoin. Although Bitcoin prices have exceeded the resistance of $7,200 in the past week, some experts in the industry said that Bitcoin is expected to face another market adjustment soon. And then can condense enough power for the mid-term rebound recovery.
Bitcoin vs. Ethereum
According to Alex Kruger, another eminent economist and crypto-trader, Ethereum will be hit harder than Bitcoin if the market makes another major adjustment. However, he also said that Ethereum is actually more likely to undergo adjustments than Bitcoin.
To further elaborate his point of view, Alex Krueger said that before the cryptocurrency market rebounds again, if there is a similar market adjustment in the medium term, Ethereum will encounter a larger sell-off than Bitcoin pressure
Alex Krueger explained that there are three main reasons why Ethereum has more selling pressure than Bitcoin:
First, at present, the possibility of Ethereum exchange-traded funds being approved is very low–although there are reports that the Chicago Board Options Exchange (CBOE) is considering launching the Ethereum futures market;
Second, the market value of Ethereum and Ethereum price is lower than that of Bitcoin;
Third, with the rise of other competitors, Ethereum's market cap is facing enormous challenges.
On the other hand, Bitcoin's highest position in the cryptocurrency market ensures that it is always the market leader.
Not only that, Bitcoin uses a blockchain network based on the Workload Authentication (PoW) consensus algorithm, rather than the Equity Certification (PoS) consensus algorithm used by Ethereum. In this case, Ethereum needs to face more competitors using similar smart contract agreements, including wave field, EOS, and Cardano.
What is the next step?
Erik Voorhees, CEO of the digital asset exchange Shapeshift, in an interview, he expressed his views on the market and said that the current bear market is not over, only a market adjustment "The cruel phase." In addition, Eric Voris also said that the current low price of the cryptocurrency market may be a good opportunity for long-term investors to enter.
According to some well-known traders, the price of Bitcoin has remained at $6,000-7,000 in August, but it seems premature to have completed the price correction. If the entire cryptocurrency market can remain within this price range in September, then the market may trigger a mid-term rebound recovery without having to go through market adjustments again.