Bitcoin is gradually losing market value. At the start of this year, Bitcoin commanded about 70% of the total cryptocurrency market but with the continued surge of ethereum that has dropped to about 47%.
Earlier this week ethereum got to its all-time high after reaching 3,000 and it quickly got to 3200 yesterday which amount to 15% of the crypto market. Ethereum is giving bitcoin a hard chase as it is gradually dropping the market value of BTC. This is expected to continue as many investors are flooding to ethereum.
In due time ethereum will be nearing forward on Bitcoin's price, but how could this be done if erc20 gas fee remains too expensive. Most tokens relied from it was really struggling to transact because of that reason. Hopefully there's some changes that maybe able to correct this certain concerns. Investors now is saving ethereum for future massive rise which possible to happen unexpectedly.
Checking out
https://etherscan.io/gastracker then its averaging between $3 which is better compared into previous weeks or before that Berlin update but honestly its still high compared into those days where it only takes a cent on pushing erc20 transactions but now everything has changed and i dont believe that it would really be going after on bitcoin. Yes, when it comes to dominance but not really that high or can level up
on a short time period but at least it did really make out some significant percentage which other altcoins cant do such thing which is actually impressive.
For those who had been holding and supporting ETH since from the beginning upto now did really pay off well.