Ethereum Price (ETH) 04.12.2021 Ethereum Might Dethrone Bitcoin as Best Crypto Store of Value

Описание: Ethereum Might Dethrone Bitcoin as Best Crypto Store of Value, Study Argues
A recent paper authored by members of several universities, including Sydney and Macquarie, argues that recent changes in Ethereum monetary policy are making it a better store of value than bitcoin.

Bitcoin plunged in early morning Saturday trading, taking the torch from a risk-off week in the markets at large. At 6:15am ET, the leading cryptocurrency was trading just under $47,000, down over 16% in the last 24 hours, the biggest drop in the cryptocurrency since September 7th.

The broader crypto complex has seen similar plunges, including, Ethereum, Solana, Cardano and Ripple XRP plunge double digit percentages. Dogecoin and Shiba Inu, two leading meme tokens, have been caught up in the crash as well.

This follows on Friday’s stock market action, where the S&P sold off .8% and the Nasdaq sold off nearly 2%, driven a miss on the jobs report as well as Docusign’s 42% plunge and the implications for the software sector. The week was marked by fears over the Omicron variant of Covid 19 - though the variant’s severity remains unclear, and it may be ultimately a positive development - as well as Fed chair Jerome Powell’s ‘retirement’ of the term transitory inflation, signaling that tapering plans and perhaps rate hikes will be coming in the near future, leading the market to a risk-off environment.

Bitcoin closed the market trading week down a little over 5%, but the move accelerated over Friday-Saturday overnight trading. The selling was its most marked around midnight Eastern time, where bitcoin crashed from $52,000 to a low of $42587.8, per the Investing.com index of the cryptocurrency, before rebounding to the current levels.