Ethereum continues to outperform Bitcoin despite the highly anticipated London hard fork approaching.
ETH/BTC is down 3% today to its lowest level since May 3.
There are many Ethereum advocates who argue that a reversal is inevitable during this market cycle as weakness builds.
Earlier in May, as ETH/BTC surged towards its 0.082 peak, Raoul Pal of Real Vision Group garnered attention by tweeting that “every investor” he knows is shifting their assets to Ethereum.
Ethereum hit an all-time high against Bitcoin in June 2017, but has since dropped 64 percent.
One of the most exciting updates in blockchain history, Ethereum Improvement Proposal (EIP) 1559 is expected to put significant upward pressure on the ETH price due to the negative issuance fee burn mechanism. This expectation has already caused great excitement among ETH investors.
However, critics point out that the supply of Ethereu will remain unstable, and they share warnings one after another.
Therefore, given that Bitcoin’s maximum supply is fixed, it seems unlikely that Ethereum will steal Bitcoin’s “inflation protection” narrative.