As the crypto market suffers, Ethereum ETH/USD is losing investor trust to the more dominant digital currency, Bitcoin BTC/USD.
Since June, Ether's value has decreased about 18%, while Bitcoin's value saw a decrease of nearly half of that. The rise in Bitcoin's share of the $1 trillion crypto market has resulted in its share of 50.3% from 40%, while Ether's share has decreased to 17.8% from 18.4% at the beginning of the year.
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The decline in network activity and fees, increased coin supply, and fears of centralization have harmed investor confidence. The recent geopolitical instability and potential interest-rate hikes have caused a shift towards Bitcoin, which is renowned for its resilience in bear markets.
Bitcoin has surged 66% this year, ahead of Ether's growth of 32%. The Ethereum Foundation recently sold off about $2.7 million worth of Ether and converted it into stablecoin USDC, adding to the pressure on Ether. The launch of futures-based Ether ETFs on the U.S. market last week did not attract significant volume.
Despite moving several of his Ether holdings, Sun said that he was not selling and sees the current market conditions as a good buying opportunity.
Elon Musk, the co-founder of Dogecoin, blasted the SEC for denying the inherent value of cryptos.