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Crypto investors are counting the days for their popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) to recover completely from the crypto crashes in May-July 2022. Ethereum is showing major improvement while Bitcoin is slowly recovering by reaching the US$23K margin. Yes, ETH investors are receiving good news owing to the upcoming major project of Ethereum 2.0 in September 2022. Let's dig deep into the reason Ethereum outperformed Bitcoin with a 50% increase in the ETH price against the BTC price.
The announcement of the launch of Ethereum 2.0 has created hype in the global cryptocurrency market. ETH tokens are continuously going up against BTC for the shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS). At the time of writing, the current ETH price is US$1,676.40 with a market cap of US$204.36 billion and a volume of US$17,255,447,971. August first week experienced a 1.5% jump in the Ethereum price and showed a total of 50% gain against the most popular cryptocurrency, Bitcoin.
Crypto investors can observe a rise in ETH prices with a bearish technical pattern in the highly volatile cryptocurrency market. The improvement is increasing as the day of the Ethereum 2.0 launch is coming soon. Crypto analysts are observing a rising wedge in the Ethereum price. ETH tokens are becoming stronger for crypto investors owing to the classic bullish reversal pattern. This is how it can outpace Bitcoin or BTC tokens in the highly volatile cryptocurrency market in August 2022. Thus, crypto analysts predict that ETH will hit almost near US$2k in August 2022. The rise in the price started after the Ethereum developers provided a September 19, 2022 target for the launch of the most-anticipated software update to reduce the use of energy consumption by 99.95% through Ethereum 2.0 and increase the security of the network efficiently and effectively.
The cryptocurrency market has experienced a drastic fall of ETH price by over 58% in 2022 as well as a dramatic outperformance against Bitcoin with a more than 50% jump in the price. Let's wait and see how the new consensus mechanism and the introduction of sharding as a scaling solution through Ethereum 2.0 can contribute to the major increase in the ETH price in the nearby future. But it is sad to see how Ethereum and Shiba Inu are outperforming BTC after experiencing the drastic crypto crash in 2022. Bitcoin needs to step up its game!
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