The cryptocurrency market is facing a rude awakening as the shocking collapse of FTX, one of the largest exchanges in the world, shines a light on just how risky, complex, and untrustworthy the industry is. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have seen their prices drop roughly 10% (as of this writing) since the announcement on Nov. 9 that Binance was backing away from its deal to buy FTX. Critics are doing a victory lap, celebrating the demise of crypto as we know it.
The two top cryptocurrencies , however, aren't going anywhere anytime soon, and they could both bounce back nicely next year, despite the overall industry's current turmoil. But will Ethereum produce a better return than Bitcoin in 2023? Let's take a closer look.
Compared to Bitcoin, Ethereum has some important characteristics that could allow the price of ETH, which is now around $1,205, to soar next year. The most obvious is the network's recent upgrade, called The Merge , which transitioned Ethereum from an energy-intensive proof-of-work system to an environmentally friendly proof-of-stake mechanism.
For further details see:
Why Ethereum Will Beat Bitcoin in 2023