As the crypto market experiences a downturn, Ether (CRYPTO: ETH) is losing investor preference to the more dominant digital currency, Bitcoin (CRYPTO: BTC).

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Concerns over Ethereum’s growth and potential have contributed to this shift. Factors such as declining network activity and fees, rising coin supply, and fears of centralization have undermined investor confidence. Recent geopolitical instability and potential interest-rate hikes have catalyzed a shift towards Bitcoin, known for its resilience in bear markets.

Bitcoin has risen 66% this year, outpacing Ether’s growth of 32%. The Ethereum Foundation recently sold about $2.7 million worth of Ether and converted it into stablecoin USDC, adding to the pressure on Ether. In addition, the launch of futures-based Ether exchange-traded funds in the U.S. market last week did not attract significant volume.

However, crypto entrepreneurs like Justin Sun remain confident in Ether’s prospects. Despite moving some of his Ether holdings, Sun clarified that he was “not selling,” and sees the current market conditions as a good buying opportunity.

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Photo by DUSAN ZIDAR on Shutterstock