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$ 29,677.00 0.83%
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$ 1,963.72 0.12%
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Why Ethereum price is underperforming against Bitcoin?

ethereum price relation with bitcoin

Ethereum price is underperforming the Bitcoin price gun and that’s no secret in the cryptocurrency sphere. In fact, it is not just the Ethereum price but all major altcoins seem to be dependent on Bitcoin.

While Ethereum hasn’t been able to make its mark last year. After its peak price of fourteen hundred dollars ($1405), when it nearly flipped the leading cryptocurrency Bitcoin, the cryptocurrency has been experiencing the steep downtrend.

Why Ethereum price is underperforming against Bitcoin? 1Ethereum price chart by Trading View

Consequently, shredding a huge portion of its value as the demand is dropping. Although many analysts have agreed that digital currencies have now entered into their new bullish trend.

Expert opinion on Ethereum price trends

Brave New Coin’s analyst Josh Olsewicz in his latest tweet highlighted numerous reasons that why he is of the view that ETH will not be seeing any further demand and no further selling-offs.

 

However, from a fundamental viewpoint, the Ethereum price seems too bearish. Olsewicz stated that there are some ICO that have been gaining traction and the copious ICOs; this implies close-to-zero demand for Ethereum.

Moreover, the Initial Coin Offering projects left are dumping their Ethereum in order to pay for the expenses of the projects. For instance, Substratum, as its wallets are clearing a huge amount of cryptocurrency every other week.

Furthermore, the trading volume is significantly low, hence; no absorption of sell-side pressure. However, some people are optimistic about Ethereum.

 

According to Chris Burniske of Placeholder, this rough period for the ETH holders and enthusiasts will likely come to an end.

In his latest tweet, he expressed his thoughts about ETH’s future and stated that the ETH is currently enduring its first-ever mainstream bearish market, just like Bitcoin endured its first in 2014-2015.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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