After the encryption market entered May, it showed a trend of adjustment. From the data on the chain, Bitcoin and Ethereum appeared differentiation
After the encryption market entered May, it showed a trend of adjustment. From the data on the chain, Bitcoin and Ethereum appeared differentiation. Bitcoin's overall network computing power has reached a new historical high, approaching 400EH/S, without being affected by the recent decline in the encryption market. In the previous article, Hou Shanke mentioned that capital is already laying out a market layout for Bitcoin next year by halving, as can be seen from this data. It is probably the fourth time Bitcoin has halved in May 2024. Based on past experience, the market will start to speculate around October, and early capital allocation is also a normal phenomenon.
Whether it's halving the market layout or hedging against the uncertainty of the macro environment, Bitcoin is a relatively stable choice for capital. While Ethereum has some market differentiation narratives in the first half of the year, which are mainly around Ethereum, and the activities on the chain were once very active. However, after June, Ethereum's activities on the chain continued to decline. At present, they have dropped below 20Gwei, and even started to show one-day "inflation".
After Ethereum's Layer-2 was hyped by the market, it began to return to indifference in June. From the current perspective, there is not much imagination space for the ecological activities of the encryption market in the coming months. From the above, we can see that Bitcoin and Ethereum have begun to diverge. Because the production cost of Bitcoin is rising, even if the bear market continues, the decline of Bitcoin may be limited. Ethereum is different. If its ecological activities keep cooling, the fluctuations may be more intense. Before a new bull market sets sail and a new ecosystem becomes the main line of the market, Bitcoin is the most stable choice. It is still uncertain which ecosystem will lead the market in the next bull market, and many industry leaders believe it is a track related to RWA and web3. At present, it is not very clear, all we can do is continue to wait.
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