Will Ethereum flip Bitcoin? Dominance is looking weak...
1 year ago
Ethereum
518조회수
In previous #crypto market cycles #bitcoin dominance has typically rallied hard during #bearmarket due to being perceived as a safer asset than #altcoins.
Have the events of this year weakened this narrative? Bitcoin was the only crypto asset supporting the $UST peg, and so was rapidly sold back in May trying to protect #luna and #ust, ultimately unsuccessfully.
Naturally, Bitcoin was on both Celsius and FTX and has been heavily affected by both events. Corporations have sold some of their Bitcoin holdings to met short term cash requirements, not holding for the 4 year cycle that #hodlers tend to.
This therefore could provide an opportunity for other assets that aren't affected by the failures of centralised entities. Certainly in the shorter term, we could see focus shift to altcoins with asymmetrical tokenomics to Bitcoin. #ethereum and #bnb could be two contenders given their different value mechanisms to Bitcoin. As part of the merge, Ethereum underwent a "triple halving" and BNB is bought and burnt by Binance every quarter.
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