Why Bitcoin Social Activity Rises as Ethereum’s Falls, Post-Merge
Bitcoin, even after losing nearly 72% from its November 10, 2021 all-time high value of $69,044, still holds a commanding lead over its closest rival, Ethereum.
The crypto alpha leading the way in terms of trading price and total market capitalization has always been the norm, as the altcoin king is several steps away.
At press time, data from Coingecko shows Bitcoin trading at $19,495 and Ethereum changing hands at $1,330. Both assets are experiencing declines over the past 24 hours, with BTC falling behind by 2% and ETH by 1.5%.
For Ethereum, as painful as it may sound, it is okay to be second and behind Bitcoin in this way. But falling a step behind in crypto community interest even after a major network upgrade is something to be concerned about.
After all, the king of all altcoins is now living in the post Merge era.
Bitcoin outshines Ethereum in social mentions
Higher numbers in an asset’s social mentions and engagements mean that it arouses greater interest among its immediate community.
After Ethereum created a loud noise after the successful transition from proof-of-work to proof-of-stake algorithm with The Merge, one would expect better performance in social volumes.
But that was not the case as Bitcoin managed to surpass its top rival.
Image: TechStartups.com
According to a report from crypto-social intelligence platform LunarCrush, as of October 6, BTC numbers surpass ETH’s in both mentions and engagements.
Bitcoin was able to gather 9.11 million social mentions while Ethereum only managed to get 8.46 million. Meanwhile, in terms of social engagements, the virgin crypto took a significant lead with its NOK 36.93 billion compared to its rival’s NOK 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 the crypto community’s interest in the leading altcoin.
The digital asset faces the possibility of being classified as a security and may be in regulatory uncertainty. It may have the same credence as Ripple Lab’s XRP, which is the subject of an ongoing lawsuit filed by the US Securities and Exchange Commission.
In addition, Ethereum is still struggling to lose almost 20% of its total market capitalization, which currently stands at $160.8 billion.
Meanwhile, Bitcoin is getting crypto investors excited as they head into October – a month that has proven to be good for the asset. In October 2021, BTC was trading above the $60K mark most days.
The crypto’s mining power also recently hit a new all-time high, indicating that despite the price drop, miners remain optimistic about the future.
BTC total market cap at $374 billion | Featured image from Coincu, Chart: TradingView.com
