Bitcoin, even after losing nearly 72% from its November 10, 2021 all-time high of $69,044, still maintains a significant lead over its closest rival, Ethereum.
Crypto alpha leading the way in terms of trading price and total market cap has always been the norm as the altcoin king remains just a few 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 a decline over the past 24 hours, with BTC down 2% and ETH down 1.5%.
For Ethereum, as painful as it sounds, it’s okay to be number two and behind Bitcoin in that way. But lagging behind in terms of crypto community interest 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 Surpasses Ethereum in Social Mentions
A higher number in social mentions and engagements for an asset means it’s generating more interest among its immediate community.
After Ethereum created a strong buzz following its successful transition from proof-of-work to proof-of-stake algorithm with The Merge, better performance on social volumes would be expected.
But that was not to be, as Bitcoin managed to overtake its main rival.
Image: TechStartups.com
According to a report by social intelligence platform LunarCrush, as of October 6th, BTC’s numbers are surpassing ETH’s in both mentions and pledges.
Bitcoin was able to accumulate 9.11 million social mentions while Ethereum managed only 8.46 million. Meanwhile, in terms of social engagements, the crypto maiden took a considerable lead with its number of 36.93 billion compared to its rival’s 24.07 billion.
Reasons why Bitcoin is rising while Ethereum is falling
Ethereum is in a tough spot at the moment, possibly the reason why there is a noticeable decline in the crypto community’s interest in the leading altcoin.
The digital asset is analyzing the possibility of being classified as a security and could encounter regulatory uncertainty. It may 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.
Moreover, Ethereum is still on the verge of losing almost 20% of its total market capitalization, which is currently $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 traded above the $60,000 mark on most days.
The crypto’s mining power also recently hit a new all-time high, indicating that despite falling prices, miners remain optimistic about its future.
BTC total market cap at $374 billion | Featured image from Coincu, Chart: TradingView.com
