In the present day, Bitcoin stands at $26,244.78 USD with a 24-hour trading volume of $7,270,854,148 USD. There has been a slight decrease of 0.12% in the last 24 hours. It is ranked #1 on CoinMarketCap and has a live market cap of $511,696,660,339 USD.

Furthermore, the circulating supply of Bitcoin is 19,497,081 BTC coins, while the maximum supply is 21,000,000 BTC coins.

According to recent reports, Bitcoin’s price has risen by 30% compared to Ethereum (ETH) in 2023. The weekly chart indicates that the bulls are in control, as BTC approaches ETH’s spot rates and sets new lows for the year. These gains build on earlier successes, suggesting a promising future for Bitcoin.

 Can Bitcoin Sustain Its Rally in the Face of a Downtrend

The latest trend seems to be in Bitcoin’s favour, as it continues to surge against the second most valuable coin, despite efforts to reach new highs in mid-August. In the second week of August, Ethereum experienced a modest increase of about 7% against BTC, following a period of consolidation.

However, the bears reversed these gains and continued the established primary trend since the beginning of the year. It appears that events in mid-March 2023 may influence the medium trajectory, as ETH prices significantly devalued against Bitcoin, forming a bearish engulfing bar marked by a surge in trading volume.

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As demand for BTC increased, prices reversed the progress made in late October 2022.

BTC/USD Price Chart – Source: Tradingview

It’s important to recognize that Bitcoin has been outperforming Ethereum in terms of value, although this is happening during a time of reduced trading activity. Despite lower prices, Ethereum has seen a decline in trading volume since Bitcoin’s surge in the first quarter of 2023.

The demand for Spark may be affected by regulatory pressure, hacks, and halving. These factors could have significant impacts on the market.

It is uncertain whether the recent decrease in activity will continue. Sentiment has been low, and participation has significantly declined over the past six months. Regulatory bodies like the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have negatively impacted activity in the last two quarters.

Recently, both Binance and Coinbase, two major cryptocurrency exchanges, faced lawsuits from the SEC due to several accusations, including unregistered securities listing by Coinbase and securities laws violation and manipulation by Binance.

Binance and Coinbase intend to defend themselves against the SEC. The community is also cautious due to the various hacks that have targeted decentralized finance (DeFi) protocols and multiple exchanges, some of which have been linked to a North Korean-sponsored cell known as the Lazarus Group.

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Despite the current market stagnation, traders anticipate the Bitcoin halving event in 2024, which will increase demand by making BTC more scarce. It is yet to be seen whether this will cause BTC to drop even further and press ETH back to its June 2022 lows.

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