Bitcoin, even after shedding nearly 72% of its November 10, 2021 all-time high value of $69,044, still holds a commanding advantage over its closest rival, Ethereum.
Crypto alpha leading the way in terms of trading price and total market capitalization has always been the norm as the king of altcoins remains several steps away.
At the time of publication, data from Coingecko shows Bitcoin trading at $19,495 and Ethereum changing hands at $1,330. Both assets are seeing a decline over the past 24 hours, with BTC lagging 2% and ETH 1.5%.
For Ethereum, as painful as it sounds, it’s okay to be number two and behind Bitcoin in this way. But falling behind in terms of interest from the crypto community even after a major network upgrade is something to worry about.
After all, the king of all altcoins now lives in the post-merger era.
Bitcoin eclipses Ethereum in social mentions
Higher numbers in social mentions and engagements for an asset means it’s sparking more interest among its immediate community.
After Ethereum created a loud buzz following its successful transition from the proof-of-work algorithm to the proof-of-stake algorithm with The Merge, one would expect better performance on social volumes.
But that was not the case as Bitcoin managed to outperform its main rival.
According to a report by crypto social intelligence platform LunarCrush, as of Oct. 6, BTC numbers outnumber ETH in both mentions and commitments.
Bitcoin was able to rack up 9.11 million social mentions, while Ethereum only managed to get 8.46 million. Meanwhile, in terms of social engagements, the maiden cryptocurrency took a considerable lead with its tally of 36.93 billion compared to its rival’s 24.07 billion.
Reasons why Bitcoin is up while Ethereum is down
Ethereum is in a tough spot right now, possibly the reason why there is a noticeable decline in interest from the crypto community for the leading altcoin.
The digital asset is looking at the possibility of being classified as a security and could face regulatory uncertainty. It could share the same faith as Ripple Lab’s XRP, which is the subject of an ongoing lawsuit filed by the US Securities and Exchange Commission.
Additionally, Ethereum is still recovering from losing nearly 20% of its total market capitalization, which currently stands at $160.8 billion.
Meanwhile, Bitcoin is getting crypto investors excited as it enters October, a month that has proven to be good for the asset. In October 2021, BTC was trading above the $60K marker on most days.
Cryptocurrency mining power also recently hit a new all-time high, indicating that despite falling prices, miners remain optimistic about their future.
BTC total market cap at $374 billion | Featured image from Coincu, Chart: TradingView.com