Ethereum is the second-largest cryptocurrency ranked by market cap. A recent Merge “upgrade” to a proof-of-stake consensus mechanism and other changes raised discussion of a possible “flippening” — a situation where Ethereum unseats Bitcoin as the top cryptocurrency in the market.
Instead, Ethereum’s dominance could be in “grave” danger, if an ominous-sounding Japanese candlestick pattern is a prelude of what’s to come across the crypto market.
Lagging Performance Against Crypto Leaves ETH.D Exposed To Danger
While Ethereum might be up by 90% from its bear market low compared to Bitcoin’s 50%, when comparing year-to-date returns BTC’s 50% gain against USD beats ETH’s mere 40%. From this metric alone, it’s obvious that Ethereum has been lagging behind Bitcoin.
As of the last couple of weeks in crypto, the reason for the laggard behavior was revealed: the SEC began targeting cryptocurrency businesses, specifically for offering staking to customers.
Rathe
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