Growing facts point to the narrative that Ether could overtake the capitalization of Bitcoin and fast transform into a free asset. And this has been strengthened as ETH has demonstrated an admirable upward movement vis-à-vis Bitcoin.
Even as early as November, the month-to-month realized the correlation between the paid dropped to a low of 60%. This is the lowest that the currency has fallen in its decade-long history.
Further, starting 2021, while Bitcoin has seen a 105% rise, ETH has registered a mind-boggling rise of 505%. It has thus outperformed the leading cryptocurrency by close to 5 times.
The ascendancy of Ether is best seen in the fact that across the past 2 months, the ETH/BTC manage to keep its upward trend. This is despite a dip across major markets since the beginning of December.
It is worth noting that though the worth of BTC had fallen below $50.000, ETH/BTC prices continued on their upward movement. It rose by close to 13% to reach its highest level in 3 years.
Overtaking Bitcoin: Ether Emerges As Token With Unique Characteristics
A cryptocurrency exchange spokesperson said that flippening, where Ether overtakes Bitcoin in market capitalization and has mustered independent and strong market support targeting Bitcoin has shown to be unusual. The ETH/BTC pair generally rally in the course of bull runs only. It has provided fuel to the theory that not every alt is correlated to the movement of BTC.
A spokesperson said that maybe it is time to consider Ether as a token that has its unique characteristic. It o long cam merely considered an alt.
The cause behind the fresh rise could be linked to the rising GameFi, Metaverse, and also the NFT narratives. They are all built mainly on the Ether network.
It is time to consider ETH as being decoupled. The total narrative has seen a paradigm shift, made possible by the new emergence of new cases plus the adoption of Ethereum. There remains a strong narrative that Ether could soon pip Bitcoin.