Bitcoin Outperforms Ethereum After The Merger, Will The Centralized Nature of ETH Hinder Its Price Rally?
Ethereum Merger was widely talked about in the past couple of months as the bearish trend was expected to be ceased for a while. Nevertheless, the trend was flipped in a short time with the announcement of the fresh CPI rates which further led to a huge decline in the BTC & ETH prices. The past weekend dragged the BTC & ETH prices below $19,000 & $1400 respectively, also flashing major bearish signals in the coming days.
Presently, star crypto has managed to outperform the second largest crypto which is well-known for its steady behavior. Similar to ETH, BTC prices maintained a steady trend around the average levels. Regardless of the recent drop, the BTC price appears to be primed for a decent breakout, while the ETH price may continue to head towards the bottoms.
The above chart illustrates the price movements of Bitcoin & Ethereum post the Merger event. With the price movements, it is fairly visible that both assets maintained a homogenous trend just before the event. But soon after the transition, the ETH price dropped heavily to reach -18.14% away from the average levels. While the BTC price was less impacted as it maintained a stagnant trend until the latest crash.
The nature of the price plunge does indicate the second-largest crypto is being lately turned into a centralized platform and hence the ETH price could be in controlled hands. While Bitcoin continues to work on the same Proof-of-Work mechanism, follows the basic feature of blockchain of being decentralized.