Ethereum Price Set to Outperform Bitcoin for Longer – MENAFN.COM

Ethereum Price Set to Outperform Bitcoin for Longer – MENAFN.COM

(MENAFN - Daily Forex) Ethereum price is hovering near its all-time high as demand for the network continues. The currency's price has doubled in the past 30 days. Bitcoin, on the other hand, has struggled, having dropped by about 5% in the past 30 days. Indeed, Ether has also outperformed BTC by far in the past year. It has gained by almost 2, 000% while BTC has risen by less than 500%. Bitcoin surged to an all-time high of $64, 947 in April. It then declined by 27% to $46, 988. Since then, the currency has struggled to retest its all-time high. Its recent attempts to retest these highs found a substantial resistance at $59, 515. Ethereum, on the other hand, also retreated in April after reaching its all-time high of $2, 550. However, it managed to quickly recover and rise by more than 120% from its lowest level on April 15. There are three reasons for the divergence between ETH and BTC. First, many retail traders view Ether as a more affordable asset to invest in than Bitcoin. This is because one Bitcoin can buy 12 Ethers. Therefore, since the two currencies have a close correlation, many investors believe