Is Bitcoin starting to lose its position as a leader in the cryptocurrency market?

Is Bitcoin starting to lose its position as a leader in the cryptocurrency market?
Is Bitcoin starting to lose its position as a leader in the cryptocurrency market?

Forbes, the American financial website, said that “Bitcoin”, the largest cryptocurrency in the world by market value, may have begun to lose its position as a market leader after the outperformance of “Ethereum” and other currencies in the recent period, despite the sharp rise in its price in the market.

The site pointed out in a report published on Friday, that the bitcoin rose this week to its highest level since mid-May, to break the barrier of 50 thousand dollars, an increase of more than 75% since the price fell to low levels on June 22 (June).

“While this may sound impressive, other prominent cryptocurrencies have recently outperformed Bitcoin with their strong market performance,” the report said.

He pointed out that the price of “Ethereum”, the second largest digital asset by market value, has doubled in recent months, while the price of Cardano has tripled in the same period.

The price of “Ethereum” reached about 4026.93 dollars yesterday, Friday, an increase of nearly 130 percent since mid-June and more than 400 percent since the beginning of this year, while the price of “Cardano” jumped to its highest level ever at $3.10 yesterday.

Amid these recent developments, some investors may be wondering if Bitcoin is still the market leader it has been for years?

“For most of its history, bitcoin has been considered a reserve currency for the cryptocurrency ecosystem, causing this trend to rise or fall for all currencies,” the report quoted Jesse Brodman, co-founder of crypto hedge fund Strix Leviathan, as saying.

“However, over the past few months, we have seen a noticeable change in this situation … and over the past week, we are starting to see the beginning of a real change, as Bitcoin is tracking the movements of other cryptocurrencies such as Ethereum,” Brodman added.

In turn, Jeff Dorman, chief investment officer at Arca Financial, confirmed this trend, saying: “Bitcoin is no longer leading the markets…it has shown weakness in recent price fluctuations, which means that it is not keeping pace with the rises that occur in cryptocurrencies and is witnessing more sales. than most other currencies, which affects its price.”

Most importantly, everyone other than individuals and companies that depend solely on the success of Bitcoin is now realizing that this currency should not be tied to the success or failure of other currencies… And unlike the early days of digital assets when Bitcoin was the only game, this category has evolved currency beyond cryptocurrency.”

 
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