Two giants of the cryptocurrency industry Ethereum and bitcoin rivalry continues to heat up. Although Ethereum suffered more losses with the bankruptcy of the FTX exchange, the ETH/BTC parity rose again to 0.077 with the subsequent purchases.
The largest smart contract platform has gained nearly 6% against Bitcoin since the beginning of the year.
Despite the bear market over the past year, ETH is not trading far from its May 2021 peak against Bitcoin.
However, with the trend that has been going on for about 7 years, the gap between the green color and the resistance area we have stated is getting narrower day by day. According to technical analysis, next May is critical for Ethereum.
Why Is Ethereum Outperforming Bitcoin?
Smart contract platform Ethereum has many advantages over its biggest competitor. First of all, the difference between the release dates of the two competitors gives Ethereum a great advantage in technology. While Bitcoin was first launched in 2009, ETH inventor Vitalik Buterin launched his project in 2015.
In addition, Bitcoin maximalists frequently use the “The supply of Ethereum is unlimited and inflationary” The argument has lost strength in recent months. Merge With the update, ETH mining became a thing of the past, while the inflation rate dropped to almost zero with the new PoS system.
Since the Ethereum Merge update went live in September 2022, only 3,700 ETHs have been produced.
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