Bitcoin: Consolidation Makes ETH Less Than Cryptocurrency According To BTC Maximum

Bitcoin: Consolidation Makes ETH Less Than Cryptocurrency According To BTC Maximum

Bitcoin [BTC] maximalist and Microstrategy, Chairman of the Board, Michael Saylor, recently said that Ethereum [ETH] The consolidation means that BTC will be stronger. Bloomberg mentioned Saylor made this statement while attending an Australian conference. According to him, the transition from Proof of Work (PoW) to Proof of Stake (PoS) makes ETH less of a crypto asset. Saylor said,

“Proof of work is the only globally accepted and proven method for creating a digital good.”

Strong, but not everything

However, it may seem that the former CEO made some important points. This is because Bitcoin has reached some high levels recently. The leading on-chain platform, Glassnode, revealed that the number of addresses with 1 BTC and more has reached another all-time high (ATH).

In addition, BTC has also shown strength for every active supply volume in ten years. according to detailsThe scale is now at an ATH of 2,516,592.726 BTC based on Glassnode data.

Source: Glassnode

However, BTC did not record high levels in all aspects, as there were some declines in important areas. CryptoQuant showed that the average exchange inflow and outflow for seven days has decreased from the last 24 hours. While the average exchange flow decreased By 46%, flow registered by 54%.

Source: CryptoQuant

This decrease may be expected after a particle Selling pressure for each increase in currency inflow earlier.

Regarding the derivatives aspect, Coinglass showed that more than $27 million worth of BTC was filter it in the last 24 hours. There appears to be some stability compared to the levels of the previous day. For open futures, there was a plus Across almost all stock exchanges.

In the press, open futures positions were $14.68 billion. This status means that bitcoin traders were active in both long and short positions.

Source: CoinGlass

While BTC may have shown strength in the derivatives market, its price was not on the same page. CoinMarketCap open That BTC lost control of keeping $20,000. At the time of writing, it is trading at $19,882.

Despite the outcry from some ETH loyalists about the security token, Saylor appears to have made up his mind. The CEO previously stated that Bitcoin has no alternative. He went further Twitter Wall Street Journal article about the Securities and Exchange Commission (SEC) considering ETH as a security.

Finally, there was no clear indication that BTC was not greater than ETH. However, loyalists on both sides hope that one will prove wrong with time.

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