In the recent shitshow in crypto, BTC has fallen back to January levels, but ETC hasn't. ETC is close to double what it was in January. That's saying something! ETH is the going to take over.
About 1-2 months ago the big news came out that financial and corporate players were hiring Ethereum devs. This sent ETH mooning for a a while. It was booming, despite the high Txn costs of hundreds of dollars. That didn't phase it.
Then came the negative news selling the huge dip we've seen these past few weeks. Is it over? ALl it takes is more FUD and there will be more selling. But ETH will drop the least from what I'm seeing.
There is an article on ZeroHedge that still sees ETH taking over BTC: "The Amazon Of Information": Goldman Initiates On Crypto, Sees Ethereum Overtaking Bitcoin.
It's pretty damn long, but I'll just point to some visuals that show some key indicators.
The author does lean towards gold outliving oil and bitcoin, since they see the competing networks leading to bitcoins demise as the network decays. This can be seen with ETH's rise and eventual network supremacy relative to BTC.
ETH is creeping up, or jumping up, and is going to match BTC soon.
Another point they make is that "Transactions drive value". DeFi and NFTs brought lots of traffic, and that did drive a lot of the value for ETH. It's kept it going strong with less downswings in the dumps.
Because the coin holders have a stake in the network, speculation spurs adoption; even during bust periods, coin holders are motivated to work to create the next new boom.
As people buy, the drive the price up. Why buy? Speculation that it will go up, and wanting to get in on something that will gain value. That drives the value up.
Right now, there doesn't seem to be much speculation going on that driving the price up. At least, that bull-factor is being matched and countered by the bear-factor. While people still think the prediction of BTC at $100k will happen, there seem to be an equal amount or more thinking it's over and that the bear has arrived.
At least for now. Maybe in a few weeks all that will change. Money will rush in to buy and push the price up as we head towards the fabled $100k or more ATH for the end of the cyclical bull run. And maybe that won
t happen and we need to wait 4 more years.
Either way, if you buy now, you either win in the short term this year, or you just have to hold onto to it for the next mega bull run in the long term. Barring some crazy thing that prevents a bull run from ever happening again, you can't really lose at buying this huge dip.