Ethereum spent the summer months easily dominating Bitcoin on the back of the DeFi bandwagon. Only recently when Bitcoin broke back above $12,000 with a more than $1,000 intraday candle to $13,000, has the trend changed.
Crypto traders waiting for Ethereum to catch up like the last time around, could be left with heavy bags, according to one crypto trader who says that the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin is simply exhibiting “weakness” relative to BTC.
DeFi Summer Of Love Ends In Bad Breakup With Crypto Dominance
2020 has been primarily about Ethereum and the decentralized finance movement, and all associated crypto tokens. These coins, built on the back of Ethereum as ERC20 tokens, exploded in price the more total value locked in DeFi applications grew.
Ethereum became the top performing asset had a stimulus check been invested into crypto back in April, resulting in more than two times the return as Bitcoin.
Related Reading | Asset Manager Who Predicted Ethereum Outperforming Bitcoin: The Trend Is “Done”
The trend recently reversed, however, when the domino effect of business buying Bitcoin was capped off by payments giant PayPal announcing support for cryptocurrenices.
And although Ethereum was part of the list of just