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Ethereum strongly outperforms Bitcoin in the second half of 2022, data reveals

Ethereum strongly outperforms Bitcoin in the second half of 2022, data reveals

Bitcoin (BTC) and Ethereum (ETH) had significant losses in November, with BTC reaching a low of $15,480 on November 21 and ETH $1,074 on November 23, respectively. 

Bitcoin’s price hit a new year-low during this trading session. However, ETH maintained a relatively resilient performance by remaining above its lows from June 2022, according to a report by CryptoCompare on December 6.

As per the data, Ethereum had a better performance than Bitcoin in the year’s second half, registering a return of 22.4%, while BTC had a return of -10.8%.

BTC and ETH returns. Source: CryptoCompare

Bitcoin and Ethereum have mixed H2s

On June 18, Ethereum reached its lowest price of the year, $944. Even though it is down -65% for the year so far, Ethereum is still up 34% in the second half of the year from that price as of December 7 price of $1,266.

ETH year-low YTD chart. Source: CoinMarketCap

In November, when the FTX collapsed, and billions of dollars were wiped from digital asset markets, the gap between the performance of digital and conventional assets was the largest it had been all year. 

This, along with concerns about a domino effect in other markets, had resulted in very dismal results for the month, with BTC returning -16.3%, its worst monthly performance since June 2022, when it traded at $18,288, as things stand, Bitcoin is changing hands at $16,849.

Bitcoin saw the greatest withdrawals from crypto exchanges in its history in November, with a net outflow of -91,557 BTC during that period. 

BTC NetFlow. Source: CryptoCompare

Since the failure of FTX, there has been a spate of withdrawals from centralized exchanges as market players seek to protect their cash.

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